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Kochi Sept. 28 The AGM of the Catholic Syrian Bank has declared a dividend of 15 per cent for the year 2006-07. All the resolutions, which came up for approval before the AGM, were passed unanimously.

As there were five contestants for the three vacancies on the board arising out of the retirement/vacating by the directors like Dr Tony J. Akkara, Mr S. Swaminathan and Mr Prakash G. Tole, election by way of direct and proxy voting was conducted, a press release from the bank said.

Based on majority votes, Dr Tony J. Akkara, Mr S. Swaminathan and Mr Prakash G. Tole were declared elected. However, a section of the shareholders said that a large number of proxies were rejected on frivolous grounds and they had sought an adjournment under Section 180 of the Companies Act.

When the request for the adjournment was turned down, the shareholders decided to boycott the meeting and seek legal recourse for their grievances.

The net profit of the bank had grown to Rs 19.07 crore (Rs 6.14 crore), while the net interest income had grown to Rs 164.54 crore (Rs 146.94 crore). The return on assets of the bank had gone up to 0.37 per cent from 0.13 per cent last year. The net NPA was also down to 1.98 per cent from 2.78 per cent.

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