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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Abhishek Sharma's massive century guides SRH to 8-wicket win against PBKS
Hyderabad, Apr 12 (PTI): Opener Abhishek Sharma smashed a superb century and shared a 171-run partnership with Travis Head as Sunrisers Hyderabad made a mockery of the massive 245-run chase, registering an eight-wicket win against Punjab Kings here on Saturday.
SRH scored 247 for 2 with nine balls to spare.
Abhishek clobbered 141 off 55 deliveries studded with 14 fours and 10 big hits, while Head made 66 off 37 balls as the duo undid the good work done by Punjab Kings' captain Shreyas Iyer, who hit a 36-ball 82 after electing to bat first.
Abhishek also become the third-highest scorer in IPL history behind Chris Gayle (175 not out) and Brendon McCullum (158 not out).
Earlier, PBKS openers Priyansh Arya (36 off 13 balls) and Prabhsimran Singh (42 off 23) added 66 runs quickly before Iyer carried on the good work along with Nehal Wadhera (27).
Harshal Patel (4/42) emerged as the most successful SRH bowler, while Sri Lankan right-arm quick Eshan Malinga (2/45) took two wickets.
Brief Scores:
Punjab Kings: 245 for 6 in 20 overs (Shreyas Iyer 82, Marcus Stoinis 34 not out, Priyansh Arya 36, Prabhsimran Singh 42; Harshal Patel 4/42, Eshan Malinga 2/45).
Sunrisers Hyderabad: 247 for 2 in 18.3 overs (Travis Head 66, Abhishek Sharma 141, Heinrich Klaasen 21 not out).
