Financial Times

EGM biggest-ever meeting of shareholders?
Invitations have been sent to all the shareholders of Commercial Bank to attend the extraordinary general meeting (EGM), expected to be the largest ever assembled shareholder meeting in history, to be held at The Holiday Inn on Wednesday.

The venue was shifted from the Commercial Bank auditorium to the hotel in view of large numbers expected to attend the meeting, called by two shareholders, to oust the chairman. Commercial Bank sources said that it will be impossible to host all the shareholders, because the bookings at the hotel are for only 1000 people.

When The Sunday Times FT spoke to the Bank’s Company Secretary, Renuka Dunuwille, she said all the shareholders will be accommodated, though she did not explain how. “We have to accommodate all the shareholders. If there are people who want to enter the meeting, we have to allow them to do so,” she emphasised. The banks’ Central Administration Department Manager, Mr. Gnanapragasam, who had organised the meeting did not wish to comment, but said that all shareholders have been invited.

The Commercial Bank has 7000 voting shareholders and 2500 non voting shareholders. Commercial Bank sources said that the annual general meetings (AGMs) are held at their auditorium at Union Place branch and about 175 attend them on an average.

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