Procedure followed for ‘acquisition’ of SBT flawed, say independent directors
Two independent directors of State Bank of Travancore (SBT) have alleged that procedures followed for its acquisition by State Bank of India (SBI) have been vitiated ab initio. This is one good example of how an acquisition should not be done, according to Sajen Peter, Director and Chairman, Audit Committee of the Board, and MC Jacob, Director. Due procedure has not been followed here, they told newspersons here in the context of admission of a writ petition against it by the High Court of Kerala. “We are presenting these facts before the public only in the interest of transparency, the need to uphold good governance practices and set standards of procedure. “We would like to set the record straight in relation to the procedure so far followed. It is clarified that technically this is not a merger.”
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