CSB officers urge management for right share, public issue

Thrissur, Sep 15 (UNI) The Catholic Syrian Bank (CSB) Ltd's Officers Association today urged the management to go for a rights share and public issue, to broaden the capital base of the bank.

Addressing a news conference, Association General Secretary Jose V Vadakkethala here said that though it had raised the demand earlier also, the bank was interested in issuing preferential shares and private placement. This would not help the bank as it would be a cumbersome procedure, he added.

Mr Vadakkethala said that as per RBI directions, CSB had to raise its net worth to Rs 300 crore by the end of the current fiscal, from the existing net worth of Rs 200 crore. For raising the net worth it would be a transparent procedure to go for a public issue, he added.

Meanwhile, the Chennai-based additional principal bench of the Company Law Board was hearing a complaint from the CSB Shareholders Association General Secretary Johny Chandy and other 99 shareholders, asking for allotment of shares to existing shareholders.

Company Law Board would further hear the petition on September 26.

UNI XR GKT 2030