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Company Law Board's order challenged

By Our Staff Reporter

KOCHI, OCTOBER. 1 . The Federal Bank Chairman, K.P. Padmakumar, today filed an appeal 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.

According to the appeal, the CLB had violated the principles of natural justice. The bank had not been given an opportunity of being heard before passing the order by the CLB. The Board should have taken into account the fact that the declaration of voting results and consequent assumption of office by the newly elected directors.

Jurisdiction questioned

According to petitioner, the policies of ICICI Bank Ltd. were not similar as that of the ICICI Ltd. The reasons and circumstances for seeking exemption in respect of shares allotted to ICICI Ltd. were not available to ICICI Bank Ltd., which was a totally different entity. There were RBI draft guidelines limiting the percentage of shares that could be held in a banking company by another banking company to 5 per cent.

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