MUMBAI, 17 JULY, 2020 (GPN): Eighty ninth Annual General Meeting of shareholders of Federal Bank was conducted over video conferencing today. The meeting which was presided over by Bank’s Chairperson Ms. Grace Koshie and joined by other directors and shareholders of the Bank.

Approval of shareholders was sought for adopting audited financial statements of FY 2019-20 and other resolutions like raising funds to the tune of ₹ 8,000 crore through issue of bonds or other debt securities, raising Tier I capital not exceeding ₹ 4,000 crore and increasing authorized share capital of the Bank from Rupees five hundred crore to Rupees eight hundred crore. Approval was also sought for alteration of object clauses of Memorandum of Association, appointment of Joint Statutory Central Auditors, taking appointment of Ms. Grace Koshie as Part Time Chairperson on record, reappointment of Mr. Shyam Srinivasan as MD and CEO and Mr. Ashutosh Khajuria as Executive Director and appointment of Ms. Grace Koshie  as Non-Executive Non-Independent Director, Mr. Sudarshan Sen as Independent Director and Ms. Shalini Warrier as Executive Director of the Bank.

While addressing shareholders, Ms. Grace Koshie spoke of the Bank’s pursuit towards becoming First Choice bank of the country for everyone. She also mentioned how the Bank proposes to up the game at all levels to become the most dependable partner for all stakeholders. In his speech during the meeting, Mr. Shyam Srinivasan, MD and CEO recounted the success of the Bank in the areas of sustainable growth, creation of new revenue streams, digital innovations and HR practices in the last financial year. He reiterated the Bank’s goal to be the numero uno player, well differentiated from rest of the competition. ENDS