Financial Daily from THE HINDU group of publications
Friday, Sep 24, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 24, 2004 |
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Money & Banking
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Private Banks FedBank shareholders' warning Our Bureau
KOCHI: THE Federal Bank Shareholders Association has warned that they would thwart any attempt of ICICI Bank to capture the management of Federal Bank in the forthcoming annual general body meeting. If the proposals of ICICI Bank are approved in the ensuing AGM, it is as good as surrendering the management of Federal Bank to ICICI, Mr Baiju Mani Paul, General Secretary of the Association, said at a press meet. It will be against the interest of the general public, the shareholders and the employees, he said. The ICICI Bank had been eyeing on the control of the Federal Bank for quite a long time and with the aim of taking over the management in a covert manner, they had been inducting persons of their choice to the Board of Directors every year, Mr Paul said.
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