Lord Krishna Bank merged with Centurion Bank of Punjab

Saturday, September 30, 2006, 23:03 [IST]

Kochi, Sep 30 (UNI) The Annual General Meeting of the Kerala based Lord Krishna Bank (LKB) today approved the proposed merger of the bank with the Centurion Bank of Punjab (CBoP).

The AGM held amidst protests by employees and boycott by a section of the shareholders approved the proposed merger with the "requisite majority" as per section 44A (1) of the Banking Regulation Act, the Chairman of today's AGM, R C Bhargava said in a statement here this evening.

He added that seven other resolutions were also passed with the "requisite majority".

Earlier in the morning, Parliamentarian Sebastian Paul demanded the Centre's intervention to stall the merger. Mr Chandran Pillai, MP, also demanded the Government and the Reserve Bank of India to take steps to merge LKB with a public sector bank.

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