Centurion Bank of Punjab Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Bank held on January 16, 2008, have approved the following proposals by way of Special Resolutions:
1. Adjustment of an amount of Rs 76.75 crores arising on amalgamation against Securities Premium Account in terms of Section 78 read with Sections 100 to 103 of the Companies Act, 1956, subject to confirmation of the Honble High Court of Judicature at Bombay, Panaji Bench, Goa.
2. Amendment in the existing ESOP Schemes i.e General Employee Stock Option Plan 2004 (General ESOP 2004) and Key Employee Stock Option Plan 2004 (Key ESOP 2004) to provide for
(a) Recovery of Fringe Benefit Tax (EST) from employees / beneficiaries in respect of Employee Stock Options or shares allotted / transferred upon the exercise thereof under these two Schemes,
(b) Re-distribution of lapsed and expired options under these two Schemes,
(c) Provision for accelerated vesting under General Employee Stock Option Plan 2004 (General ESOP 2004).
1. Adjustment of an amount of Rs 76.75 crores arising on amalgamation against Securities Premium Account in terms of Section 78 read with Sections 100 to 103 of the Companies Act, 1956, subject to confirmation of the Honble High Court of Judicature at Bombay, Panaji Bench, Goa.
2. Amendment in the existing ESOP Schemes i.e General Employee Stock Option Plan 2004 (General ESOP 2004) and Key Employee Stock Option Plan 2004 (Key ESOP 2004) to provide for
(a) Recovery of Fringe Benefit Tax (EST) from employees / beneficiaries in respect of Employee Stock Options or shares allotted / transferred upon the exercise thereof under these two Schemes,
(b) Re-distribution of lapsed and expired options under these two Schemes,
(c) Provision for accelerated vesting under General Employee Stock Option Plan 2004 (General ESOP 2004).
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