SBT – State Bank of Travancore, one of the 5 associate banks of SBI which is merging with the parent, had a senior official shunted out for reportedly questioning the justness of the merger scheme.
S Adikesavan, SBT chief general manager, the negotiator, was transferred to SBI’s Hyderabad office by the management, resulting in protests by SBT employees and Pinarayi Vijayan, Kerala Chief Minister, shooting off a letter to Narendra Modi seeking his intervention.
An official claimed that SBT was virtually bulldozed into the merger plan and the due process was not followed. Sajan Peter, independent director on the SBT board said that there was no discussion or negotiation between SBT and SBI for the merger and all the decisions were taken by the SBI and the proposal was just put across.
Peter, who retired as additional chief secretary to the Kerala government said that the transfer of Adikesavan, a competent officer, was not an ordinary decision. He added that it had to be for the involvement in the merger. He further continued that he had noted objections to the way the merger was being conducted in the minutes.
State Bank of Travancore Employees Union general secretary KS Krishna said that the SBI management was stage managing all decisions on their own and asked SBT officials to merely put their signature. He added that they had not taken into account the sentiments of people, customers and the Government of Kerala.
In his letter to Narendra Modi, the Kerala Chief Minister said that the government should take proper action as the decision to transfer Adikesavan to the Hyderabad office was an act of revenge, that too before the merger could be completed.
The Kerala Legislative Assembly had lately passed a resolution against merger of SBT with SBI, stating it would adversely impact the state’s economic growth. The resolution, introduced by the CM, sought annulling of the decision to amalgamate SBT with SBI by the Centre and the RBI.
Meanwhile, SBI share price was trading 0.02 per cent higher at Rs.254.45 on NSE today.
According to the merger proposal, SBBJ shareholders shall get 28 shares of SBI (Rs.1 each) for every 10 shares (Rs.10 each). Similarly, SBM and SBT shareholders shall get 22 shares of SBI for every 10 shares. As far as Bharatiya Mahila Bank is concerned, 4,42,31,510 shares of SBI shall be swapped for every 100 cr of Rs.10 each.Kindly visit SBI share price history in order to seek more information on the scrip
S Adikesavan, SBT chief general manager, the negotiator, was transferred to SBI’s Hyderabad office by the management, resulting in protests by SBT employees and Pinarayi Vijayan, Kerala Chief Minister, shooting off a letter to Narendra Modi seeking his intervention.
An official claimed that SBT was virtually bulldozed into the merger plan and the due process was not followed. Sajan Peter, independent director on the SBT board said that there was no discussion or negotiation between SBT and SBI for the merger and all the decisions were taken by the SBI and the proposal was just put across.
Peter, who retired as additional chief secretary to the Kerala government said that the transfer of Adikesavan, a competent officer, was not an ordinary decision. He added that it had to be for the involvement in the merger. He further continued that he had noted objections to the way the merger was being conducted in the minutes.
State Bank of Travancore Employees Union general secretary KS Krishna said that the SBI management was stage managing all decisions on their own and asked SBT officials to merely put their signature. He added that they had not taken into account the sentiments of people, customers and the Government of Kerala.
In his letter to Narendra Modi, the Kerala Chief Minister said that the government should take proper action as the decision to transfer Adikesavan to the Hyderabad office was an act of revenge, that too before the merger could be completed.
The Kerala Legislative Assembly had lately passed a resolution against merger of SBT with SBI, stating it would adversely impact the state’s economic growth. The resolution, introduced by the CM, sought annulling of the decision to amalgamate SBT with SBI by the Centre and the RBI.
Meanwhile, SBI share price was trading 0.02 per cent higher at Rs.254.45 on NSE today.
According to the merger proposal, SBBJ shareholders shall get 28 shares of SBI (Rs.1 each) for every 10 shares (Rs.10 each). Similarly, SBM and SBT shareholders shall get 22 shares of SBI for every 10 shares. As far as Bharatiya Mahila Bank is concerned, 4,42,31,510 shares of SBI shall be swapped for every 100 cr of Rs.10 each.Kindly visit SBI share price history in order to seek more information on the scrip
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