Sicom leads revolt to clean United Western bank
Mumbai: State financial institution, Sicom, which is the single largest shareholder of United Western Bank, with 9.8 per cent, is leading a group of shareholders to see that the highly profitable bank is not controlled by a group of directors who collectively hold a negligible 0.4 per cent.

This group has sought to appoint four directors on the present eight-member board of directors. The present board is opposed to these appointments as they fear a change in the managerial control of the Bank, and have recommended the shareholders to oppose the move on the grounds of "destabilisation" of management.

According to the notice to convene an extra-ordinary meeting, the four directors sought to be appointed are: Mr. Dilip Piramal, chairman of VIP Industries, Mr. Sharad Upasani, former chief secretary of the government of Maharashtra and Mr. AKD Jadhav and D M Chawathe, managing director and senior general manager of SICOM respectively.
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