Three directors of Allahabad Bank step down on cessation of terms

Allahabad Bank has informed stock exchanges that three of its directos—Bijaya Kumar Sahoo, Sarath Sura and Praveen Kumar Chhokra, shareholders directors have ceased to be directors of the bank 4.3.2018 on expiry of their terms.

The bank will soon call and extra ordinary general meeting for appointment of new directors, said N K Sahoo, executive director, Allahabad Bank.

“The terms of the three directors were over, so they ceased to be directors. The bank has called an EGM, where new directors will be appointed. The cessation has nothing to do with any of the recently reported fraud cases,” Sahoo told Business Standard.

Notably, Allahabad Bank has an exposure of about Rs 20-22 billion routed through the Hong Kong branch of the bank in the PNB fraud case.