NE BUSINESS BUREAU
MUMBAI, JUNE 10
The country’s largest lender State Bank of India (SBI) on Wednesday said it will hold its general meeting next Wednesday, on June 17, through video-conferencing mode.
In April, the corporate affairs ministry and market regulator Sebi had allowed companies to conduct their AGM/EGM through video-conferencing or other audio-visual means during the year due to the COVID-19 restrictions.
“In view of the lockdown situation in Mumbai due to COVID-19, the bank is holding its virtual General Meeting for its shareholders on 17th June 2020 at 3.00 p.m. via Video- Conferencing (VC)/Other Audio-Visual Means (OAVM).
“SBI would like to clarify that it is not conducting its Annual General Meeting on the said date,” SBI said in a statement.
The bank in a filing to exchanges in the shareholders’ meetings section has mentioned that the June 17 meeting is an extraordinary general meeting (EGM).
The bank said the shareholders will be allowed to e-vote for electing four directors from a list of five candidates as per the provisions of the SBI Act and SBI General Regulations, 1955.
The lender said keeping in view the well-being of all stakeholders and to comply with the lockdown restrictions, it has avoided physical meetings for major events in the past few months.
