Centurion Bank of Punjab - EGM on Jan 16, 2008

Centurion Bank of Punjab Ltd has informed that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on January 16, 2008, inter alia, to transact the following business:

1. An amount of Rs 76,75,40,927.45 be utilized out of the balance standing to the credit of Securities Premium Account of the Bank for adjusting the debit balance in the Goodwill Account, subject to necessary provisions and conditions.

2. Authority to the Compensation Committee of the Board of Directors of the Bank to modify certain terms of the Key Employee Stock Option Plan- 2004 and the General Employee Stock Option Plan-2004 (Schemes) approved by the shareholders of the Bank pursuant to special resolutions dated December 31, 2004, in order to enable the Bank to recovereligible employees, Fringe Benefit Tax (FBT) in connection with the stock options granted, vested in or exercised by such employee / beneficiary on or after April 01, 2007, by way of insertion of the following additional clause in the Schemes under the head Exercise as Clause 5.6(i):

Upon exercise of an option, the Option Grantee / nominee / legal heirs of the Option Grantee, as the case may be, shall be liable to forthwith compensate to the bank, an amount equal to the amount paid or payable by the bank as Fringe Benefit tax in respect of such option, in such manner as the Compensation Committee or any other person authorised but the Board of Directors of the bank in this regard, may deem fit at such time, including but not limited to, by way of having the aforementioned sun deducted from the monies held by such Option Grantee / nominees / legal heirs of the Option Grantee in the savings account maintained but him / them with the Bank.