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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DJ Black Coffee's event in Goa cancelled after NOC revoked on Good Friday
Panaji (PTI): The Goa leg of Grammy-winning South African DJ Black Coffee's India tour was cancelled at the last minute on Friday evening after authorities revoked the event's No Objection Certificate (NOC), a move intended to honour the solemnity of Good Friday.
Officials on Saturday cited the need to respect local sentiments and the religious significance of the day as the primary reason for withdrawing the permission previously granted to host the "Sunset-to-Night" event.
The opposition Congress demanded a probe by the Economic Offences Cell of the state against the organisers.
The revocation of permission by the Communidade of Anjuna, in whose land the event was scheduled to be hosted, followed an objection by locals and the Congress, citing the solemn occasion of Good Friday and the upcoming Easter Sunday.
Local police officials confirmed that the organisers of "Sunset to Night" have cancelled the event, leaving many revellers disappointed.
Sebastian D'Souza, an attorney of Communidade of Anjuna, in a letter addressed to organisers, stated that the NOC granted to them on March 4, 2026, to host the musical event on April 3 in survey number 206/1 of Anjuna village has been unanimously revoked by the managing committee.
D'Souza stated that the date coincides with Holy Week, particularly Good Friday.
"This has been decided in the interest of residents of Anjuna, Vagator and Chapora," the letter reads.
The Comunidade of Anjuna is a traditional, collective land-holding institution in North Goa, part of the twelve comunidades of Bardez.
A huge crowd assembled outside the venue of the programme on Friday night as the word spread about the cancellation.
Several netizens posted reels on social media claiming they were informed about the cancellation at the last minute.
Earlier, the Congress had objected to hosting such an event on the sacred occasion of Good Friday, calling it "deeply insensitive and unacceptable."
"Your event, @Paradoxindia_, in Goa on the sacred occasion of Good Friday is deeply insensitive and unacceptable. @RealBlackCoffee , this is not just about music- it is about respecting faith. By going ahead with a techno show on a day of mourning for Christians, you have hurt religious sentiments not just in Goa, but across the world," Goa Pradesh Congress Committee President Amit Patkar had written on X.
Speaking at a press conference on Saturday, Patkar said that the state Congress would file a complaint with the Economic Offences Cell (EOC) against the organisers for allegedly selling tickets online without obtaining necessary permissions from authorities such as the Goa Pollution Control Board and the Fire and Emergency Services.
The event organisers could not be contacted immediately for their comment on the Congress leader's claim.
While at least 3,000 people had arrived in Goa to attend the event, the access road to the venue was not wide enough for Fire and Emergency Services vehicles to reach, Patkar claimed.
