Indian Bank decides to annul dividend proposed for FY18
Chennai, June 28 : Public sector Indian Bank on Thursday said the Board of Directors have decided to annul their earlier decision to declare dividend at Rs 6 per equity share as it has not provided fully for the mark-to-market (MTM) loss.
In a regulatory filing in BSE, Indian Bank said the Reserve Bank of India (RBI) has informed that the bank can declare dividend after fully providing for MTM loss.
The RBI also said dividend can be declared only after fully providing for gratuity and any other provisions staggered in terms of dispensation provided by it to all the banks.
Indian Bank said the Board of Directors a7lso decided to withdraw the second item from the agenda of the notice convening the annual general meeting.
According to Indian Bank, the RBI circulars in April had given it the option of spreading the MTM loss over four quarters commencing with the quarter in which the loss was incurred and the additional liability due to enhanced gratuity over four quarters beginning with the quarter ended March 31.
It said it had exercised the options during the quarter ended March 31 and deferred the gratuity expenditure of Rs 24.33 crore to subsequent three quarters and also spread the MTM losses of total Rs 547.01 crore to subsequent quarters (after providing for December 2017 and March 2018).
When the matter was taken up with the appropriate authorities and sought permission for declaration of dividend, the RBI advised not to pay dividend.
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Eight persons killed 17 injured in knife attack in China
Beijing, Nov 16: Eight persons were killed and 17 injured in a knife attack at a vocational school in east China's Jiangsu Province on Saturday, local police officials said.
The attack took place at around 6:30 pm at the Wuxi Vocational Institute of Arts and Technology in Yixing City.
The 21-year-old suspect, surnamed Xu, was caught at the scene and he confessed to his crime, according to a statement released by the public security bureau of Yixing, the state-run Xinhua news agency reported.
According to the police, Xu, a graduate of the school this year, returned to the school to vent his anger for not receiving his graduation certificate due to failing exams and for dissatisfaction with his internship pay.
Rescue efforts are underway and police are further investigating the case, the report said.
This is the second attack on civilians this week.
On November 12, thirty-five people were killed and 43 injured when a man ploughed his car into a crowd of people at a sports centre in Zhuhai city.
Police who detained a man called Fan said his actions stemmed from his dissatisfaction with the property division outcome of his divorce.
Expressing concern over the incident, Chinese President Xi Jinping urged all-out efforts to treat the injured.
Car ramming incidents, besides knife attacks on civilians, have been taking place periodically in China in recent months. The incidents are routinely blamed on disgruntled elements by security officials.
