The Hindu Business Line : Orders reserved on Fabian plea

THE Kerala High Court today reserved its order on a writ petition filed by Mr K.P. Fabian, one of the newly elected Directors of Federal Bank Ltd.Mr Fabian has challenged the order of the Additional Principal Bench of the Company Law Board, Chennai, staying the implementation of all the resolutions passed in the annual general body meeting of the Bank held on September 27.

The order was reserved by Mr Justice R. Bhaskaran.

In his petition, Mr Fabian had also questioned an interim order of the Board issued on September 25 directing the Chairman of the AGM to allow ICICI Bank Ltd its full voting rights in respect of the shares presently held by it. Mr Fabian challenged the stay order of CLB on the ground that he was not given an opportunity of being heard before passing the order. He had contended that the order had been obtained by ICICI Bank without "disclosing the true facts and the fact of the petitioner having assumed office as Director" of the Federal Bank.

Meanwhile, a Division Bench comprising the Chief Justice Mr N.K. Sodhi and Mr Justice A.K. Basheer adjourned to October 10, the hearing on the writ petition filed by the Chairman of Federal Bank, Mr K.P. Padmakumar, challenging the orders of the CLB.

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