ICICI Bank 2014 Annual Report Download - page 32
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operationofbankaccountsforpaymentofinterest,dividendandredemptionofsecuritiesandthelisting
ofsecuritiesonstockexchanges.
Composition
AtMarch31,2014,theShareTransfer&Shareholders’/Investors’GrievanceCommitteecomprisedthree
Directorsincludingtwo independent Directorsandwaschairedby Homi Khusrokhan,anindependent
Director.TherewerefourMeetingsoftheCommitteeduringtheyear.Thedetailsofthecompositionof
theCommitteeandattendanceatitsMeetingsaresetoutinthefollowingtable:
Name of Member Number of meetings attended
HomiKhusrokhan, Chairman 4/4
V. Sridar 4/4
N.S.Kannan 4/4
Section 178 of the Companies Act, 2013 mandates the constitution of a Stakeholders Relationship
Committeeforcompanieswhichhavemorethanonethousandshareholders,debentureholders,deposit
holdersandanyothersecurityholdersatanytimeduringafinancialyear.TherevisedClause49ofthe
ListingAgreementwhichwouldbeeffectiveOctober1,2014hasalsoreplicatedtheseprovisionsand
prescribedconstitutionofaStakeholdersRelationshipCommitteetospecificallylookintotheredressal
ofgrievancesofshareholders,debentureholdersandothersecurityholders.Inlinewiththerequirement,
theBoardofDirectorsatitsMeetingheldonApril25,2014renamedtheShareTransfer&Shareholders’/
Investors’GrievanceCommitteeasStakeholdersRelationshipCommittee,effectiveApril25,2014.
P. Sanker,SeniorGeneralManger(Legal)istheCompanySecretaryoftheBankandComplianceOfficer
forthepurposeoflistingagreementwithstockexchanges.92shareholdercomplaintsreceivedinfiscal
2014wereprocessed.AtMarch31,2014,nocomplaintswerepending.
Forfeiture of shares
PursuanttotheauthoritygrantedbytheBoardtotheCommitteeandtheforfeitureapproachasoutlined
intheforfeiturenoticedatedJuly29,2013senttoshareholders,outof225,389equitysharesonwhich
callswereinarrears,theCommitteeatitsMeetingheldonJanuary28,2014approvedtheforfeitureof
154,486equitysharesandthetransferofremaining70,903equitysharesfromthepartlypaidtothefully
paidcategory.The154,486equitysharesincludes7,388sharespertainingtoEscrowcases.
XI. Committee of Executive Directors
Terms of reference
ThepowersoftheCommitteeincludeapproval/renewalofcreditproposals,restructuringandsettlement
as per authorisation approved by the Board, approvals of detailed credit norms related to individual
business groups, approvals to facilitate introduction of new products and product variants, program
lendingwithineachbusinesssegmentandasset or liability category,includingpermissible deviations
anddelegation oftheabovefunction(s)toanycommitteeor individual.TheCommitteealsoapproves
andreviewsfromtimetotimelimitsonexposuretoanygrouporindividualcompanyaswellasapproves
underwriting assistance to equity or equity linked issues and subscription to equity shares or equity
linkedproductsorpreferenceshares.TheCommitteealsoexercisespowersinrelationtoborrowingsand
treasuryoperationsasapprovedbytheBoard,empowersofficialsoftheBankanditsgroupcompanies
throughexecution of Powerof Attorney, ifrequired under the Common Seal of the Bank,and further
exercisespowersinrelationtopremisesandproperty-relatedmatters.
Composition
AtMarch31,2014,theCommitteeofExecutiveDirectorscurrentlycomprisedallfourExecutiveDirectors
andwaschairedbyChandaKochhar,ManagingDirector&CEO.TheotherMembersareN.S.Kannan,
K.RamkumarandRajivSabharwal.
Directors’Report