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GTB investors chalk out plan to protect interests
Our
Banking Bureau
28 July 2004
 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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