Federal Bank director board election delayed

By James Paul | 30 Aug 2002

1

Kochi: An interim injunction on a shareholder's petition filed before the Alappuzha additional sub-court for not receiving the annual general meeting (AGM) notice and the court's subsequent modified order led to a delay of the Federal Bank's director board election at the bank's 71st AGM held here on 29 August 2002.

The sub-court had stayed the re-election of directors S Santhanakrishnan and M S Parthasarathy till 6 September, but allowed the conduct of the AGM. But the court's modified order issued on 29 August, following the bank's plea that the petitioner was informed of the AGM through letter and newspaper advertisements, permitted the elections to be conducted. But it barred the bank from declaring the results till the injunction is vacated.

P C Chacko and Nooruddin Mather are contesting for the posts of the two directors. At the AGM, presided by Federal Bank chairman K P Padmakumar, the bank declared a dividend of 35 per cent for 2001-02 against the 25 per cent the previous year.

 The bank posted the highest ever net profit of Rs 82.01 crore for the year. The total business, excluding investments, touched Rs 14,055 crore — up from Rs 12,519 crore. The bank plans to open seven more branches this fiscal, including those at Pandalam and Bangalore, to add to the total 414.

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