Policy and regulations

PNB AGM: the bank that can't seem to follow the rules

The Punjab National Bank’s annual general meeting today is taking place more than a month after the last date mandated by law. It exposes glaring lapses in following statutory provisions and communication to shareholders, and a casual approach to governance in banks.
Sonu Mehta/Hindustan Times/Getty Images
Punjab National Bank (PNB) shareholders will today gather for its 17th annual general meeting (AGM). However, there is something amiss about this AGM. It is happening more than a month and a half after the last date mandated by law for conducting such meetings.According to provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/ 80 (‘Nationalisation Act’), the not be adjourned but business of the meeting shall be commenced within one hour from the time appointed for the meeting if the quorum is present or immediately after the expiry of one hour from that time and those shareholders who are present in person or by proxy or by duly authorised representative at such time shall form the quorum.
Punjab National Bank (PNB) shareholders will today gather for its 17th annual general meeting (AGM). However, there is something amiss about this AGM. It is happening more than a month and a half after the last date mandated by law for conducting such meetings.According to provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/ 80 (‘Nationalisation Act’), the not be adjourned but business of the meeting shall be commenced within one hour from the time appointed for the meeting if the quorum is present or immediately after the expiry of one hour from that time and those shareholders who are present in person or by proxy or by duly authorised representative at such time shall form the quorum.

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