JAMMU & KASHMIR BANK LTD. - 532209 - Announcement under Regulation 30 (LODR)-Newspaper Publication
With reference to the clarification sought with regard to the news item appearing in the media, we submit as under: Decision regarding cessation of directorship of Mr. Parvez Ahmed and subsequent appointment of Mr. R. K. Chhibber as Chairman cum Managing Director of the Bank was taken by the J&K; State Government and conveyed to the Bank on June 08, 2019. Reserve Bank of India has approved appointment of Mr. R. K. Chhibber as interim Chairman cum Managing Director of the bank for a period of three months w.e.f. June 10, 2019. Intimation regarding this has already been made to the exchanges by the bank. With regard to the news of raids conducted by Anti-Corruption Bureau on the bank's headquarter, the promoter director on Board of the bank clarified during the investor / analyst call dated June 10, 2019 that investigation was ordered by the state government on the basis of some complaints / reports of alleged malpractices and governance issues in the bank so that the facts are brought forth. The promoter director also briefed the investors about some of the recent steps taken by the state government with the objective to improve transparency, governance, compliance and profitability of the Bank. The major ones being: Splitting the post of Chairman and Managing Director in compliance with RBI and SEBI guidelines. Implementation / adoption of regulatory guidelines as applicable to bring in accountability and overall improvement in the functioning of the Bank for improving the transparency levels in the Bank, Applicability of key performance indicators at...10-06-2019