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| Exchange Disseminated Time | With reference to the earlier announcement dated November 27, 2015, regarding convening the Extraordinary General Meeting of the Bank for Election of one Director of the Bank from amongst shareholders other than the Central Government, Punjab National Bank has now informed BSE that after scrutiny of two nominations received up to the last date for receipt of nominations i.e. up to December 18, 2015, the Nomination Committee has found only the following candidate fulfilled the eligibility criteria and ‘Fit & Proper’ status, as per the extant guidelines issued by the Department of Financial Services, Ministry of Finance, Reserve Bank of India and the Bank.
In terms of Regulation 66 (i) of the Punjab National Bank (Shares & Meetings) Regulations 2000, as the number of valid candidate found ‘Fit & proper’ for the vacancy was only one, the aforesaid shareholder nominee is deemed to have been elected as Director under Section 9(3)(i) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and shall assume office with effect from December 19, 2015 and shall hold office for a period of three years upto December 18, 2018.
Accordingly, the above referred Extraordinary General Meeting of the Bank scheduled for January 02, 2016, stands cancelled. |
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