The Hindu Business Line : Fabian files writ against CLB stay

MR K.P. Fabian, one of the newly elected Directors of Federal Bank Ltd today filed a writ petition before the Kerala High Court against 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.

In his petition, Mr Fabian also challenged an interim order of the CLB issued on September 25 directing the Chairman of the AGM to allow ICICI Bank its full voting rights in respect of shares presently held by it.

Mr Fabian questioned the stay order of the CLB on the ground that he had not been made a party in the order.

Besides, 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 Federal Bank.

According to Mr Fabian, fairness and propriety required that the petitioner should have been issued notice before passing "such a drastic order".

The petition is likely to come up before the Court on Friday.

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