Financial Daily from THE HINDU group of publications
Tuesday, Sep 21, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 21, 2004 |
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Money & Banking
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People 6 in fray for 3 slots on Federal Bank board C.J. Punnathara
Kochi , Sept. 20 REASSURING the shareholders and investors , the Chairman of Federal Bank, Mr K.P. Padmakumar, said: "The bank's growth story will continue to be good and it is poised to give a good performance this year also." Notwithstanding the controversy over the keenly contested election to the board of directors, the Chairman said the management would go ahead with its forward looking policies it had been pursuing all these years and nothing would derail it from the growth path. There are six aspirants in the fray for the three vacancies on the bank board. Five people who had submitted their nominations have withdrawn from the contest. The original contestants whose names figured in the notice to the shareholders are: Mr P.C. Cyriac, former Chairman of Rubber Board, Mr P.H. Ravikumar, Managing Director of NCDEX, and Prof A.M. Salim who is seeking re-election. The new contestants are: Mr K.P. Fabian, former Ambassador to Italy and son-in-law of the founder of the bank, Mr C.J. George, Managing Director of Geojit, and Mr P.C. Chacko, Congress politician. Despite statements from ICICI Bank that it has no interest in either increasing its stake or in gaining management control, the Federal Bank Shareholders Association has said that it will oppose all the directors who have shown sympathy or association with ICICI Bank, at the Federal Bank AGM on September 27. "The association has expressed its grave concern and protest against the clandestine move by ICICI Bank to take control of Federal Bank," Mr Baiju Mani Paul, general secretary, told Business Line. The association would be launching a campaign to educate the public, the shareholders, the RBI and the Government, he said.
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