Srinagar: J&K Bank has revived much needed professionalism in its board by inducting professionals of highest repute as independent directors on board of the bank. This has been done without altering the basic character of the board with two-third state-subject directors and maintaining Non State Subject seats within stipulated one third of total size.
Following the approval of its shareholders at the 79th Annual General Meeting (AGM) held here today, the eminent personalities accredited with Nationwide recognition of their expertise in respective fields inducted in the board of the Bank are Vijayalakshmi R Iyer – Ex-CMD Central Bank of India(Presently Director with IRDA); Dr Sanjiv Agarwal – Fellow Member of the Institute of Chartered Accountants of India and Institute of Company Secretaries of India, Associate Member of the Institute of Chartered Secretaries and Administration, London (UK); Dr Pronab Sen – a renowned Economist; Sunil Chandiramani – Chartered Accountant,a qualified technologist and IT security specialist with a vast expertise in Corporate Governance; Rahul Bansal – MBA from London with 17 years of experience as an industrialist and D K Pandoh – Fellow Member of the Institute of Company Secretaries of India with 20 years of experience in taxation, company law and foreign exchange. The induction of Iyer as the woman Director on the Board apart from ensuring compliance to the Regulatory guidelines shall bring in huge expertise of Bank Management as she has served as the Chairperson of one of the largest Banks of the Country.
While commenting on the developments, J&K Bank Chairman and CEO, Parvez Ahmed said, “Having Independent Directors on the Board was a statutory requirement. By virtue of the provisions of the Companies Act, 2013 read with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015; the Bank had to compulsorily appoint not less than half of the total strength of the Board as Independent Directors. Since the Articles of Association of the bank did not contain any provision enabling the appointment of Independent Directors, we had to create provisions in our Articles of Association to enable us to secure mandatory compliance of the statutory requirements under Companies Act 2013.”
The chairman was quick to add: “However, there is no change in the basic character of the Board composition. The objective of appointing independent Directors is not to facilitate appointment of Non State Subjects as Directors but to seek compliance of the Regulatory norms meanwhile ensuring induction of eminent personalities with enormous expertise in the relevant fields on the Board of the Bank. We have ensured that their maximum strength as per articles of association remains within stipulated one-third of the total strength of the Board. The reservation for State Subject Directors at two third of the total number of seats available in the Board is intact.”
The Board headed by Chairman and CEO, Parvez Ahmed with Government and RBI representative as its members shall now have Abdul Majid Mir, Azharul Amin(Reappointed in the AGM), Mohd Ashraf Mir, Mohd Maqbool Rather in addition to above named newly inducted members as its Directors.