Sunday, January 15, 2012

PARLIAMENT PANEL FOR 26% VOTING RIGHT CAP IN PRIVATE SECTOR BANKS

A parliamentary panel has recommended raising voting rights of investors in the private sector banks but with a cap of 26 per cent with a view to maintaining a balance between economic controls and promoting corporate democracy. The Banking Laws (Amendment) Bill 2011, introduced in the Lok Sabha in March this year, had proposed providing voting rights to investors commensurate with their shareholding in the private sector banks. At present, the voting right is capped at 10 per cent.

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