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United Western Bank-resigned
In a yet another significant development in the Satara-based United Western Bank (UWB), three directors of the bank including UWB chairman Mr P N Joshi have resigned from the board.
In a yet another significant development in the Satara-based United Western Bank (UWB), three directors of the bank including UWB chairman Mr P N Joshi have resigned from the board.
The other two independent directors who had resigned from the UWB board were Dr K R Chandratre, director, Kirloskar oil engines and Dr N A kalyani, chairman of Pune-based Bharat forge industries, sources close to the bank said.
Mr Joshi resigned on February 1, from directorship after his application for non-executive chairman of UWB was rejected by the Reserve Bank of India (RBI), the sources said and added that Dr Kalyani and Dr Chandratre too resigned immediately after Mr Joshi's resignation.
The bank was in news last week, following the unregistered trust of UWB employees acquiring large chunk of shares of the bank from the secondary market.
The acquisition was revealed by the bank to the Bombay Stock Exchanges (BSE) in a communication on January 1, 2001. The unregistered trust had purchased over 24.32 lakh shares, representing over 8.41 per cent of UWB's paid-up capital of Rs 29.88 crore. It is understood that the secondary market purchases by the trust at an aggregate cost of over Rs 14 crore have been made largely during November-December 2000.
Bureau Report
Mr Joshi resigned on February 1, from directorship after his application for non-executive chairman of UWB was rejected by the Reserve Bank of India (RBI), the sources said and added that Dr Kalyani and Dr Chandratre too resigned immediately after Mr Joshi's resignation.
The bank was in news last week, following the unregistered trust of UWB employees acquiring large chunk of shares of the bank from the secondary market.
The acquisition was revealed by the bank to the Bombay Stock Exchanges (BSE) in a communication on January 1, 2001. The unregistered trust had purchased over 24.32 lakh shares, representing over 8.41 per cent of UWB's paid-up capital of Rs 29.88 crore. It is understood that the secondary market purchases by the trust at an aggregate cost of over Rs 14 crore have been made largely during November-December 2000.
Bureau Report