Friday, Feb 04, 2005
Friday, Feb 04, 2005 |
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Advts: Classifieds | Employment | Obituary | Kerala
CHENNAI, FEB. 3. The Company Law Board (CLB), Chennai, today reserved order on the petition filed by ICICI Bank against the resolutions adopted at Federal Bank's AGM held in September last. Earlier, completing the hearings on the case this morning, the two-member Bench, comprising the chairman, S. Balasubramanian, and K.K. Balu, asked Federal Bank to take into account ICICI Bank's voting for its entire stake in Federal Bank at its AGM, held on September 27 last. Sources said this would allow two nominees of ICICI Bank, P.H. Ravikumar, executive director of the National Commodities and Derivatives Exchange (NCDEX), and A.M. Salim an entry into the Federal Bank's board of directors. It is also likely that the CLB will uphold the ICICI Bank's contention that K.P. Fabian, one of the Federal Bank nominees, was ineligible to contest in the election to the Federal Bank's board as he was already a board member in Syndicate Bank. Mr. Fabian, son-in-law of Federal Bank's founder, K.P. Hormis, had been declared elected at the Aluva-headquartered bank's AGM in September last. - PTI
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