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| Exchange Disseminated Time | Indbank Merchant Banking Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 19, 2007, inter alia, has resolved to extend the tenure of appointment of Mr. S Annadural, Deputy General Manager, Indian Bank on deputation to the company as President & Whole time Director in terms of Section 269 of the Companies Act, 1956 for a further period of 1 year with effect from July 02, 2007, on a remuneration and perks in accordance with Indian Bank Service Regulations applicable from time to time but not exceeding the limits prescribed under Schedule XIII of the Companies Act, 1956 subject to the approval of the Company in General Meeting as required under Schedule XIII of the Companies Act, 1956.
The Bank has further informed BSE about the following changes in the Board of Directors of the Company:
1. Shri A Subramanian, Executive Director, Indian Bank, nominated by Indian Bank for appointment as Director has been co-opted as an Additional Director on Bank's Board with effect from July 19, 2007.
2. Shri M S Sundara Rajan, Director (Nominee of Indian Bank), consequent to his appointment as Chairman & Managing Director, Indian Bank, has resigned as Director on the Bank's Board with effect from June 04, 2007 and the same has been taken on record by the Board of Directors on July 19, 2007. |
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