Financial Daily from THE HINDU group of publications
Wednesday, Dec 22, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 22, 2004 |
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Money & Banking
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People C.J. George quits Federal Bank board Our Bureau
Kochi , Dec. 21 MR C.J. George, Managing Director of Geojit Financial Services Ltd, today announced his resignation from the board of Federal Bank. In a statement issued here, Mr George said: "The litigation that started after the last AGM of the bank has resulted in an unfortunate situation of three directors being unable to function as directors of the bank. An important institution like Federal Bank should be steered and guided by a full board in the interest of shareholders, employees and customers." The resignation is meant to facilitate the better functioning of the bank and it could enable the present board to fill the vacancy thus created, by nominating another person of their choice in the interest of the institution, Mr George said. The board with three directors could not carry out their functions because the Company Law Board had stayed several items that were put to vote and passed at the last AGM of the bank, including the election to the three vacancies .
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