CLB to hear ICICI, Fed Bank row on Feb 3

The Company Law Board (CLB), Chennai, today posted for February 3 the final hearing on the petition filed by ICICI Bank to cancel the decisions taken at the AGM of the Kerala-based Federal Bank on September 27, 2004.

The two-member CLB bench, comprising chairman S Balasubramanian and member K K Balu, asked the counsel for Federal Bank and ICICI Bank to submit all the documents relating to the AGM in the coming days.

"The delay in disposing the case was affecting the shareholders of Federal Bank," the bench observed.

The distribution of dividend, cleared by the AGM, and bonus issue have not been completed due to the case pending before the CLB. All the decisions taken at the AGM had been stayed by the CLB.

Federal Bank counsel N Ramakrishnan of Waraon & Sai Rams, informed the CLB that the bank board had scrutinised all the documents relating to the AGM, and it would be submitted within 10 days.

Meanwhile, K P Fabian, who was elected to the Federal Bank's board of directors, today sought to be "impleaded" in the case relating to the petition saying the proceedings of the case would affect him.

ICICI Bank, which holds about 24% stake in Federal Bank, had filed a petition stating that it was not allowed to cast votes in proportion to
its holding at the AGM.