Uwb Board Approves 10% Dividend

The annual general meeting of United Western Bank on Thursday passed the resolution for a 10 per cent dividend and also approved the accounts. The Makharias, who have been targeting the bank, criticised the bank management for mismanagement and expressing dissent to passing of accounts. They quietly gave their approval for other resolutions.

However, the resolution for reappointment of 7 directors was put to vote along with two new names proposed by the State-owned financial institution Sicom, following a directive to this effect from the Company Law Board.

Sicom had earlier proposed a special resolution to appoint 4 new directors, but later dropped PB Kulkarni and PC Shejwalkar out of the fray, leaving S Jambunathan and Ramesh Venkat in the race.

The resolution to appoint new directors and reappointment existing directors was put to vote following a directive to this effect from the Company Law Board (CLB). The voting went on till late in the night. CR Mehta, a former member of CLB who was appointed by the CLB to chair and conduct the AGM of UWB said the announcement of the results for the election of directors could be delayed and may even be announced tomorrow.

Mehta rejected the proposal from the Makharia