The Hindu Business Line : 8 resolutions put to vote at Federal Bank AGM

EVEN as counting in the keenly contested election to the board of Federal Bank was in progress, a large number of proxy votes have been found to be invalid.

These proxy votes were found invalid due to different technical reasons such as the non-submission of the RBI sanction to hold more than 5 per cent stake by some institutions and unavailability of authorised signatory, sources in the bank said.

There were five contestants left in the fray to the three vacancies falling vacant on the board. Drama and emotion were evident at the Federal Bank AGM at Aluva today when Mr P.C. Chacko, Congress politician, spoke as an ordinary shareholder and said that he was withdrawing from the contest to the Director Board.

Following newspaper reports stating that a board member of one bank would not be entitled to get on to the board of another bank, Mr K.P. Fabian, son-in-law of Mr K.P. Hormis, the founder of the bank announced that he had already submitted his resignation from the board of Syndicate Bank.

He clarified that earlier he would have considered resigning from Syndicate Bank only after having won a seat on the board of Federal Bank.

Eight of the 16 resolutions taken up for discussion saw dissent and were put to vote.

The candidature of all the five contestants still remaining in the fray, Mr P.H. Ravikumar, Prof. A.M. Salim, Mr P. C. Cyriac, Mr C.J. George and Mr K.P. Fabian all witnessed opposition from certain segments of the shareholders and were put to vote.

A section of the shareholders also opposed the resolution seeking to split the post of Chairman into that of a non-executive Chairman and the creation of a new post of Managing Director.

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