Development Credit Bank Ltd (DCB) has informed that the members at the 13th Annual General Meeting (AGM) of the Bank held on July 15, 2008, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2008 and the Profit & Loss Account for the Financial Year ended on that date, and the Reports of the Directors and the Auditors thereon.
2. Re-appointment of Mr. A H Manekia, Mr. R A Momin & Mr. Anuroop Singh, as Directors of the Bank.
3. Appointment of M/s. S R Batliboi & Co., Chartered Accountants, Mumbai, as the Statutory Auditors of the Bank to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Bank, on remuneration, terms & conditions.
4. Appointment of Branch Auditors of the Company to audit the Accounts in respect of the Branch Offices of the Bank, on remuneration, terms & conditions.
5. Amendment in the Articles of Association of the Bank by altering in the present Article 131 and Article 155 of the Banks Articles of Association.
6. Amendment of ESOP Policy
- Pursuant to Section 115 WKA of the Income-tax Act, 1961 and notwithstanding anything to the contrary stated in the existing Employee Stock Option Plan of the Bank (the Stock Option Plan) consent be and is hereby granted to the Board of Directors of the Bank (the Board which shall include the Nomination Committee of the Board duly constituted by it) amending the Stock Option Plan earlier approved by the shareholders of the Bank at the Extraordinary General Meetings of the Bank held on November 21, 2005 and December 15, 2006 and the Annual General Meeting of the Bank held on September 11, 2006, to provide for the recovery by the Bank from those employees in the permanent employment of the Bank who have been granted options under and in accordance with the Stock Option Plan the fringe benefit tax payable by it in respect of the options granted to, vested in or exercised by, them on or after April 01, 2007.
1. Adoption of the Audited Balance Sheet as at March 31, 2008 and the Profit & Loss Account for the Financial Year ended on that date, and the Reports of the Directors and the Auditors thereon.
2. Re-appointment of Mr. A H Manekia, Mr. R A Momin & Mr. Anuroop Singh, as Directors of the Bank.
3. Appointment of M/s. S R Batliboi & Co., Chartered Accountants, Mumbai, as the Statutory Auditors of the Bank to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Bank, on remuneration, terms & conditions.
4. Appointment of Branch Auditors of the Company to audit the Accounts in respect of the Branch Offices of the Bank, on remuneration, terms & conditions.
5. Amendment in the Articles of Association of the Bank by altering in the present Article 131 and Article 155 of the Banks Articles of Association.
6. Amendment of ESOP Policy
- Pursuant to Section 115 WKA of the Income-tax Act, 1961 and notwithstanding anything to the contrary stated in the existing Employee Stock Option Plan of the Bank (the Stock Option Plan) consent be and is hereby granted to the Board of Directors of the Bank (the Board which shall include the Nomination Committee of the Board duly constituted by it) amending the Stock Option Plan earlier approved by the shareholders of the Bank at the Extraordinary General Meetings of the Bank held on November 21, 2005 and December 15, 2006 and the Annual General Meeting of the Bank held on September 11, 2006, to provide for the recovery by the Bank from those employees in the permanent employment of the Bank who have been granted options under and in accordance with the Stock Option Plan the fringe benefit tax payable by it in respect of the options granted to, vested in or exercised by, them on or after April 01, 2007.
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