Individual shareholders of Lakshmi Vilas Bank (LVB) are objecting to the RBI’s merger proposal of the bank with DBS Bank India. They point out that, when the bank needed it, they contributed capital and must now have the benefit of an upside when it turns around. The shareholders have sharply criticised the merger proposal, alleging lack of transparency in the entire process. “LVB has been given away on a platter to DBS, based on the book value. Unlike other banks where branches are leased, 150 branches of LVB (out of over 450) are in their own premises. There are 60 apartments (staff quarters in Mumbai alone) and 11 acres of prime property in Karur. Valuing these at book value is not transparency. A reduction in share value or capital and leaving something for the shareholders on the table is the correct approach. We have sent our views to the RBI,” said M A A Annamalai, of Akshya & Co, who holds over 30,000 shares of the bank.