GTB investors chalk out plan to protect interests

By Our Banking Bureau | 02 Aug 2004

1

Mumbai: Retail shareholders of GTB have started preparing an action plan for protecting their interests.

The small and retail shareholders of GTB, under the banner of the newly registered body — GTB Investors' Association — met on Sunday to chalk out the details on a multi-pronged strategy aimed at securing reasonable rewards for their equity holdings in the bank.

Acknowledging the statutory powers conferred onto the draft scheme that prevented everybody from challenging the merger process, the GTB shareholders have decided not to question the merger but to strongly consider moving the Courts seeking adequate compensation to them as stakeholders of the bank.

A proposal was also approved for approaching the leaders of the Left parties to fight for their cause.

A section of the shareholders wanted to know from the regulators the fate of their GTB shares pledged with several banks towards raising loans.

Government and leaders of the Left parties, and to move the Courts for ensuring swap ratio in the merger, the GTB small investors meet has elected a `core group' to chalk out the detailed action plan in view of the paucity of time in conducting general meetings of the Association before August 7.

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