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Federal
Bank director board
election delayed
James
Paul
30 August 2002
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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