What is the procedure for convening the AGM, publication of accounts and dividend payment?
Section 29 of the Banking Regulations Act. 1949 – the Balance Sheet & Profit & Loss Account is to be submitted to Reserve Bank of India and Govt.of India within 3 months of the end of the financial year. Section 10 (a) (1) of Banking Companies (Acquisition & Transfer of Undertakings) Act, 1980 – AGM should be convened within six weeks of submission of audited accounts to Govt. of India or Reserve Bank of India whichever date is earlier. In terms of the Clause 41 of the Listing Agreement, notice of AGM along with audited accounts is to be served to all the shareholders atleast 21 days before the date of AGM.
