ICICI holds General Body meet to discuss merger with Bank of Rajasthan
By ANIMonday, June 21, 2010
VADODARA/JAIPUR - An extraordinary General Body meeting of ICICI Bank was held at Vadodara in Gujarat on Monday to discuss acquisition and merger of the Bank of Rajasthan.
About 500 shareholders of the bank attended the EGM.
The ICICI Bank is the largest financial institution in the country’s private sector.
Earlier in the day, they even commenced their strike at all the 468 branches in the country as a mark of their protest against the merger.
Speaking to the media, Chanda Kochhar, Managing Director and Chief Executive officer of ICICI Bank, told the reporters the meeting was as per the rules and the results of the polls in which the shareholders reflected their options would be declared at Mumbai on Tuesday.
“Our shareholders’ meeting for considering the merger with Bank of Rajasthan has just been concluded. We had more than 500 people who attended the meeting. It was a very peaceful meeting and as per the regulations, a poll has been conducted and the results of the poll will be announced tomorrow in Mumbai,” said Chanda Kochhar.
However, the Bank of Rajasthan employees are opposing their bank’s merger with ICICI Bank.n Jaipur, where the head office of the Rajasthan Bank is situated, the employees gathered in large numbers and held demonstrations, raising slogans against the management.
The employees contended that their bank has been earning good profits and has around 5.5 billion rupees in reserve and assets worth 120 billion rupees.
They charged the Tayal family and its business group that owned a major chunk of shares having swindled the bank to the tune of millions of rupees prior to proposing the merger with the ICICI Bank.
On their part, the Bank of Rajasthan employees voiced apprehensions over their job security since the ICICI Bank hires its staff on retainership.
The Bank of Rajasthan has total staff strength of 4200 employees in clerical and managerial cadres in all its 468 branches.
The bank had held a two-day nationwide strike on Friday (June 04) in Mumbai. (ANI)
