Mumbai: The country's largest lender State Bank of India (SBI) on Wednesday said it will hold its general meeting on June 17, through video conferencing mode.
In April, the corporate affairs ministry and market regulator SEBI (Securities and Exchange Board of India) had allowed companies to conduct their AGM/EGM through video conferencing or other audio visual means during the year due to the COVID-19 restrictions.
"In view of the lockdown situation in Mumbai due to COVID-19, the bank is holding its virtual General Meeting for its shareholders on June 17 at 3pm via Video Conferencing (VC)/Other Audio-Visual Means (OAVM).
"SBI would like to clarify that it is not conducting its Annual General Meeting on the said date," SBI said in a statement.
The bank in a filing to exchanges in the shareholders meetings section has mentioned that the June 17 meeting is an extraordinary general meeting (EGM). The bank said the shareholders will be allowed to e-vote for electing four directors from a list of five candidates as per the provisions of the SBI Act and SBI General Regulations, 1955.
The lender said keeping in view the well-being of all stakeholders and to comply with the lockdown restrictions, it has avoided physical meetings for major events in the past few months.
