Financial Daily from THE HINDU group of publications
Friday, Sep 26, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 26, 2003 |
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Money & Banking
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People Global Trust accepts Agadi's resignation Our Bureau
Hyderabad , Sept. 25 INDICATING a fresh round of crisis in the bank, the management of Global Trust Bank (GTB) has on Thursday confirmed the resignations by three of its directors. These directors include Mr Venkappa M. Agadi, former Chairman and Managing Director of Parke-Davis (India) Ltd, Mr J.V. Shetty, former Chairman of Canara Bank, and Mr Satya Brata Ghosh, former partner of Pricewaterhouse. However, GTB has informed the stock exchanges that the board had taken on record the resignation of only Mr Agadi keeping in view the recommendations of the Ganguly Committee constituted by the Reserve Bank of India. The board, which did not approve the resignations of other two directors, had advised the GTB Managing Director, Mr Sudhakar Gande, to discuss the matter with Mr Shetty and Mr Ghosh. According to the GTB Company Secretary, Mr G.V. Suresh Kumar, "The resignation of Mr Agadi was in compliance of recommendations of the Ganguly Committee on Corporate Governance Practice constituted by RBI, in particular the adherence of maximum age limit (70 years), suggested for the independent/ non-executive directors of private sector banks." In a separate communiqué to stock exchanges, the bank said its board discussed the resignation of Mr Shetty at the meeting held on Tuesday and advised the MD to request Mr Shetty reconsider his decision. Interestingly, the GTB management, which informed the exchanges of the induction of Mr Dayanand Soma, on to the board on Tuesday itself, chose to maintain silence on the resignation of three directors and confirmed it only on Thursday. The GTB board is scheduled to meet on September 30 to consider proposal to raise additional capital by further issue of shares
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