Jammu & Kashmir Bank’s proposal to raise capital by issuing shares to staff members under the employee stock option plan was rejected by the shareholders in the annual general meeting held in late August.
In a regulatory filing on Thursday, the bank released the minutes of the 84th annual general meeting (AGM) held on August 24, 2022.
The bank had proposed to issue 2 crore shares of face value of Re 1 each under J&K Bank under the J&K Bank Employee Stock Option Scheme2022 (JKB ESOS 2022) and had sought shareholders’ approval at the AGM last month.
The proposal sent as special resolution garnered only 0.92 per cent votes from shareholders who participated in the voting, showed the minutes of the meeting. Of the total 6,65,883,603 cast, only 6,062,264 were in favour of the proposal.
Shareholders also rejected the proposal to re-appoint Dr Mohmad Ishaq Wani, to retire by rotation, as the director of the bank.
Only 1.71 per cent (11,404,451 votes) of the shareholders were in ..

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