The Hindu Business Line : Sangli Bank allowed to hold EGM on Jan 15

The Company Law Board (CLB) has allowed Sangli Bank to hold an extraordinary general body meeting on January 15 during which the shareholders of the bank are to take up the issue of merger with ICICI Bank.

In an interim order, the CLB Chairman , Mr S. Balasubramanian, also appointed Mr Mahesh Athawale, a company secretary, as the observer for the meeting. The observer is expected to submit his report to the board within 10 days.

The interim order also adds that the outcome of the meeting would be subject to CLB order.

``The EGM convened on January 15 be held as scheduled but decision taken there will not be implemented without the leave of this court,'' the CLB Chairman said.

During the proceeding, the minority shareholder had asked that the meeting be adjourned till the issue of share structure of the bank was resolved.

The board, however, asked for a separate voting for the approval of shares issued by the bank after April 2006.

The bank also contested calling off the EGM as notices had been issued to parties to discuss and pass a resolution in favour of the merger.

More Stories on : Mergers & Acquisitions | Private Banks | ICICI Bank Ltd

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