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May 12, 2001
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Money > Business Headlines > Report May 12, 2001 |
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Shareholder seeks ouster of HDFC Bank MDBS Banking Bureau A small shareholder in HDFC Bank has proposed a resolution to remove managing director Aditya Puri. The shareholder's resolution is being moved at the bank's seventh annual general meeting on June 1, by Sureshchandra V Parekh, who holds 200 shares of the bank jointly with Nalaben S Parekh. He has served a notice to the bank under the provisions of Section 284 read with Section 190 of the Companies Act, 1956, for the removal of Puri. The grounds on which Parekh has sought removal of Puri are: Parekh and his wife are entitled to 700 shares of HDFC Bank in the preferential issue of the bank which was not allotted to them; preferential allotments made to HDFC Ltd and a US-based company at a price of Rs 94 per share was against company and banking laws and has caused damage to the bank; and preferential allotments made by the bank to its employees at a price of less than Rs 94 has caused losses to the bank. Parekh also alleged that certain preferential allotments were made in 1994 of equity shares of the face value of Rs 20 to HDFC Ltd by way of unregistered trust. The management of the bank, however, views the allegations made by Sureshchandra V Parekh as incorrect and baseless. Appending its comments in the AGM notice circulated to members, the bank management has said that Parekh and his wife asked the bank to shift seven shares held by them in seven different names and tried to create seven different folios. The bank, however, transferred all the shares to only one folio. At the time of making preferential allotment, 100 shares were transferred to the folio. As a folio holding 10 or less shares were only entitled to that. On other points raised by the shareholder, the management said the decisions were taken with the consent of the shareholders and are in accordance with the provision of law. The bank board said they do not support the resolution made by Parekh and neither Puri nor any other directors is 'anyway concerned or interested in the motion'.
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