BUSINESS

Federal Bank holds board meeting

KOCHI, OCT. 11. The Kerala-based Federal Bank today convened its director board meeting here for the first time after the crucial annual general meeting of September 27.

Describing the meeting, held after receiving the Kerala High Court's permission, as `routine', bank sources said only pending issues such as credit proposals and one-time debt settlements were taken up. While granting permission, the High Court had restrained the bank from taking any policy decisions.

The Company Law Board had stayed the seven resolutions put to vote at the annual meting on an application by the ICICI Bank, a major shareholder in Federal Bank. Due to the stay order, the board meeting could not be convened. However, Federal Bank approached the Kerala High Court which permitted it to hold the meeting without taking any policy decisions.

The meeting, convened by the bank's Chairman and Managing Director, K. P. Padmakumar, was attended by the three newly elected members, namely., C. J. George, Managing Director, Geojit Securities, K. P. Fabian, former diplomat, and P. C. Cyriac, former Rubber Board chairman.

The existing members C. K. George, T. N. Jayachandran, M. J. Subaiyya and S. Santhanakrishnan also attended the meeting.

PTI

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