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Thursday, Nov 25, 2004

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Federal Bank Director Board meeting today

By Our Staff Reporter

KOCHI, NOV. 24. The Director Board of Federal Bank will meet at Aluva, near here, on Thursday. The meeting assumes significance as a new Chairman has to be nominated in place of K.P. Padmakumar whose tenure ends on December 31.

The Director Board will shortlist a panel of three names selected by the Selection Committee of the bank. The Reserve Bank of India will have to choose the candidate for the top post from the panel. Top executives of nationalised banks and a former General Manager of Unit Trust of India are being considered for the post, according to bank sources.

The election of three new directors at the annual general meeting of the bank held on September 27 has been challenged by ICICI Bank which holds 20 per cent stake in Federal Bank. The case is pending before the Company Law Board after the High Court refused to give a judgment on the issue.

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