KOZHIKODE, January 22: The Kozhikode-based Nedungadi Bank Ltd is likely to induct three more nominees of Rajendra Banthia, a prominent director of Bombay Stock Exchange (BSE), into its board soon. Banthia is the major shareholder of the Nedungadi Bank with a stake of over 13 per cent.Senior directors of the bank told The Indian Express here on Thursday that M G Damani, BSE president and Suresh Vaidya, a BSE director were the nominees of Banthia. Both BSE top brass were inducted into the bank's director board on Monday.
They also feared that with the entry of the Damani and Vaidya as directors Nedungadi Bank may face the same fate of Catholic Syrian Bank, another Kerala-based bank, which has been under takeover threat from Bangkok-based Siam Vidhya group.
They said Banthia had been insisting on inducting five of his nominees. But there were only two vacancies in the board. "Thus, a compromise had to be arrived by which it was decided to induct two," they said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
