Mumbai:
Centurion Bank has informed the Bombay Stock
Exchange (BSE) that Dev Ahuja,
a promoter who holds 26 per cent equity in the bank, and
V S Srinivasan have
stepped down from its board of directors. Srinivasan was
the managing director of the bank till recently.
A notice to the BSE said
Satish Kaura, another director, has also resigned from the board.
In view of Kauras resignation, Kanta Ahuja, alternate director
to him, also ceased to hold the directors office, the notice
said.
The bank,
in which IFC Washington, Asian Development Bank and Keppel
Tatlee Bank of Singapore hold stakes, has been struggling
to raise resources to increase its capital adequacy ratio.
The bank had proposed a Rs 126-crore rights issue last
year. It was eventually cancelled as it failed to enthuse
shareholders.
Centurion Bank has plans
to offload the pledged shares to a strategic investor. The bank
held discussions with many strategic investors to place the
shares. The strategic investor is expected to also contribute
additional capital, apart from acquiring the block of shares. The
search for a partner is being coordinated with IFC Washington.
Srinivasan had said in
October 2001 that the bank will be
recapitalised in excess of Rs 120 crore and the commitment on
capitalisation should happen by 31 March 2002. This, however, has
not happened yet.
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