AT A GLANCE

Canara Bank EGM cancelled
Canara Bank on Saturday announced cancellation of Extraordinary General Meeting (EGM) convened for June 21, 2004 following unopposed election of four Directors from Shareholders.

“Consequent upon the IPO, the shareholders, other than the Central Government holds 26.83 per cent of the existing paid up share capital of the Bank.

As such the bank was required to elect four Directors from amongst the shareholders other than the Central Government, in accordance with Section 9(3) (i) of the Banking Companies Acquisition and Transfer of undertakings Act 1970”, according to a release.

However, at the closure of nominations on June 5, only four nominations were found valid as against equal number of vacancies and the four were deemed to be elected as Directors of the Bank.

Hence the EGM convened exclusively for the purpose of Election of Directors was cancelled, the release added.