ICICI Bank 2008 Annual Report Download - page 26

Directors’ Report
N. L. Bhatia, Practicing Company Secretary, NL Bhatia & Associates was appointed as the Scrutinizer for
conducting the postal ballot process. The notice dated April 28, 2007 was sent to the Members and the
last date for receipt of postal ballot forms by the Scrutinizer was June 7, 2007. Till that date, 16,589 forms
were received. According to the Scrutinizer’s report the first two Resolutions were passed by majority
of 99.9% and the third Resolution was passed by majority of 82.9%. The result of the postal ballot was
declared on June 8, 2007 and published on June 9, 2007 in the Financial Express (Ahmedabad, Bangalore,
Chandigarh, Chennai, Coimbatore, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi and Pune editions)
and in Vadodara Samachar (Vadodara) for the information of Members.
The Bank has followed the procedure as prescribed under Companies (Passing of the Resolution by Postal
Ballot), Rules, 2001.
At present, no special resolution is proposed to be passed through postal ballot.
XIII. Disclosures
1. There are no materially significant transactions with related parties i.e., directors, management,
subsidiaries, or relatives conflicting with the Bank’s interests. The Bank has no promoter.
2. Penalties or strictures imposed on the Bank by any of the stock exchanges, Securities & Exchange
Board of India (SEBI) or any other statutory authority, for any non-compliance on any matter relating
to capital markets, during the last three years are detailed below:
l On April 10, 2007, the Eastern Magistrate’s Court, Hong Kong fined the Bank a sum of
HKD 40,000, details of which are given in Note 35 of the Notes to Accounts.
l During fiscal 2006, RBI had imposed a penalty of Rs. 0.5 million on the Bank citing contravention
of RBI instructions relating to opening of accounts, monitoring of transactions for adherence
of know your customer/anti money laundering norms, and non-adherence to normal banking
practices under section 47A(1)(b) of the Banking Regulation Act, 1949.
Other than the aforementioned, no penalties or strictures were imposed on the Bank by any of the stock
exchanges, SEBI or any other statutory authority, for any non-compliance on any matter relating to capital
markets during the last three years.
XIV. Means of Communication
It is ICICI Bank’s belief that all stakeholders should have access to complete information regarding its
position to enable them to accurately assess its future potential. ICICI Bank disseminates information on
its operations and initiatives on a regular basis. ICICI Bank‘s website (www.icicibank.com) serves as a
key awareness facility for all its stakeholders, allowing them to access information at their convenience. It
provides comprehensive information on ICICI Bank’s strategy, business segments, financial performance,
operational performance, share price movements and the latest press releases.
ICICI Bank’s dedicated investor relations personnel respond to specific queries and play a proactive role
in disseminating information to both analysts and investors. In accordance with SEBI and Securities
Exchange Commission (SEC) guidelines, all information which could have a material bearing on ICICI
Bank’s share price is released through leading domestic and global wire agencies. The information is also
disseminated to the National Stock Exchange of India (NSE), the Bombay Stock Exchange Limited (BSE),
New York Stock Exchange (NYSE), Luxembourg Stock Exchange, Singapore Stock Exchange and Japan
Securities Dealers Association from time to time. ICICI Bank also circulates its half-yearly results to all
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