Long pending dividends to be issued on Jan 1

Tirupati, Dec 8 (UNI) The Tirupati Cooperative Town Bank Limited Chairman Pulugoru Murali today announced that the long pending dividends to its shareholders would be dispersed on January 1 as a new year gift.

Addressing a press conference here along with bank directors and vice-chairman, Mr Murali said after the bank general body meeting on December 24, the four year pending dividends amounting to Rs 1.23 crore would be issued to 1.37 shareholders of the bank.

The delay on issuing dividends for the last four years was due to some problems in the bank, he said adding that the registrar of cooperative societies had given permission to the bank to conduct the general body meeting without quorum under rule 23 of AP Coop Societies rules, 1964 and also to declare dividends to its members by exercising powers under Section 123 of the APCS Act.

At the meeting the bank will also take a decision to cancel 30,000 customers from Rs 10-50 saving holders, who were not transacting for long time, he informed.

Stating that the bank was financially sound, he said Rs six crore would be mobilsed through shares to increase the bank share capital.

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