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UCO Bank
Change Company :  Go
Chairman : Arun Kaul Industry : Bank - Public
Last Price Today's Change Open Prev Close Day's Range 52 Week Range
42.85 -2.05 44.35 44.90 (44.45)   (41.90) (92.95)   (41.00)
BSE Code 532505
ISIN Demat INE691A01018
Book Value (Rs.) 113.39
Dividend Yield (%) 4.45
Market Cap (Rs Mn) 48294.07
P/E 5.53
EPS (Rs.) 8.12
Face Value (Rs.) 10
Volume 397266.00
March 2015 Select Base Year :

REPORT ON CORPORATE GOVERNANCE

1. Corporate Governance Philosophy of the Bank :

UCO Bank's Corporate Governance Philosophy is to maintain high standards of ethical practices in conduct of its business. The Bank's Corporate Governance policies are woven around the core values of transparency and professionalism. The Bank constantly endeavors to ensure implementation of best practices aimed at enhancing the corporate governance that optimize the value of all its stakeholders and the society, at large.

2. Board of Directors

The constitution of the Board of Directors is governed by the provisions of the Banking Regulation Act 1949, Banking Companies (Acquisition & Transfer of Undertakings) Act 1970, Nationalised Banks (Management & Misc. Provisions) Scheme 1970 and The Banking Companies (Acquisition & Transfer) & Financial Institutions Laws (Amendment) Act 2006. The requirements of Corporate Governance as envisaged in the Listing Agreement with the Stock Exchanges are to be read along with these statutes.

The Directors are experienced and have requisite expertise in the field of Banking, Finance, and Management so as to provide appropriate directions and exercise effective control in the functioning of the Bank.

2.1.0 The Chairman & Managing Director and two Executive Directors are the whole time directors appointed by the Govt. of India while the other Directors are appointed/nominated under different sections of 9(3) (a) to 9(3) (h) of the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 (hereinafter referred as Act). Besides, under Section 9(3) (i) of the same Act, the shareholders of the Bank are entitled to elect two directors (other than the Central Government) from among themselves.

2.2.0 Composition of the Board of Directors as on 31.03.2015 :

The Board is constituted in accordance with the provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The details of each Director, no. of other Board Committees where he/she is a member or Chairperson and directorship of other companies and shareholding in the Bank are furnished hereunder:

2.2.1 Brief Profiles of the new directors joined on the Board: Sri Charan Singh

Born on 1st July, 1960, Shri Charan Singh has a distinguished career in banking industry. Shri Charan Singh assumed the charge as the Executive Director of UCO Bank on 10th March, 2015. Shri Singh was General Manager in Bank of India, in charge of Human Resource Department. Shri Singh is a Master of Science (Agri), and also a Certified Associate of Indian Institute of Bankers (CAIIB). His career in Banking began when he joined Bank of India as Probationary Officer on 4th July, 1983. His thirty-two years of service at Bank of India saw him rise in his career with key responsibilities held in Branches, Zonal Offices, Head Office and Kenya Overseas Office, covering a vast spectrum of banking operations. He also held the post of Chairman of Aryavart Gramin Bank during his career in Bank of India.

Dr Arvind Sharma

Born on 5th August, 1958, Dr. Arvind Sharma possess wide experience in the fields of FX Reserve Management, Industrial and Export Credit and many other fields of Banking. He was appointed as RBI nominee Director on the Board of the Bank by the Government of India on 23.02.2015. He is qualified as MBA, CFA, CAIIB, Ph.D. and presently working with RBI Central Office as Chief General Manager.

2.2.3 Dates of Board Meetings

During the period of review 14 Board Meetings were held on following dates, as against minimum of 6 prescribed under Clause 12 of Nationalised Banks (Management & Miscellaneous Provisions) Scheme 1970 and minimum of four meetings stipulated in Clause 49 of Listing Agreement:

3.0 Committees on the Board:

Pursuant to the instructions/guidelines/directives issued by the Reserve Bank of India, Government of India, various committees of directors have been constituted with the objectives of streamlining the decision making process, effective monitoring and follow up of various activities falling within the terms of references of such committees. Particulars of the various standing committees are as under:

3.1.0 Audit Committee of the Board (ACB):

As per directives of RBI, the Bank constituted the Audit Committee of the Board with five directors as against minimum of three directors stipulated in Clause 49 of the Listing Agreements entered with Stock Exchanges. All the Directors in the committee are financially literate.

3.1.0 Audit Committee of the Board (ACB):

As per directives of RBI, the Bank constituted the Audit Committee of the Board with five directors as against minimum of three directors stipulated in Clause 49 of the Listing Agreements entered with Stock Exchanges. All the Directors in the committee are financially literate.

3.1.1. Primary objectives:

It oversees, reviews and provides directions to the internal audit/ inspection function in the Bank in order to ensure and enhance the effectiveness of the audit and inspection function as a strong management tool. In respect of internal audit, the Audit Committee of the Board reviews the internal inspection/audit function of the Bank - the system, its quality and effectiveness in terms of the objectives. As regards external audit, the committee reviews all the issues raised in the Long Form Audit Report. Besides, it interacts with the external auditors before finalization of reviewed/ audited accounts with special reference to change in accounting policies, practices, qualification in the draft audit report and compliance with the accounting standards. It also addresses all issues/concerns raised in inspection report of RBI. The committee also reviews the internal control system, the areas of housekeeping, reconciliation, fraud and other related matters.

3.1.2. The Audit Committee of the Board, at present, comprises of Mr. Salahuddin Ansari, Part time non official director and the Chairman of the committee and Sri. J.K. Garg, and Sri. Charan Singh, Executive Directors of the Bank, Sri. Arvind Sharma, RBI nominee director, Sri Pravin Rawal, Govt nominee director as members of the Committee. During the year under review, 7 meetings of the Committee were held vis-a-vis minimum of four meetings in a year, stipulated in Clause 49 of the Listing Agreement.

3.1.3. The meetings were held on the dates 20.05.2014, 26.06.2014, 24.07.2014,07.11.2014, 05.12.2014,04.02.2015 and 19.02.2015.

.2.0. Management Committee of the Board (MCB) :

The Committee is constituted as per Provisions of Nationalised Banks (Management & Miscellaneous Provision) Scheme 1970. Its members are Chairman & Managing Director, Executive Directors and directors referred to under clauses (b), (c) of sub­section (3) of Section 9 of Banking companies (Acquisition & Transfer of Undertaking) Act 1970., and two Directors nominated by the Board from amongst the Directors referred to Clauses (d), (e), (f), (h) and (i) of Section 9(3) of the Banking companies (Acquisition & Transfer of Undertaking) Act 1970. The Directors nominated by the Board shall hold office for not more than six months at a time. The Chairman & Managing Director is the Chairman of MCB.

3.2.1 The objectives of the committee are to consider and approve: -

i) high value credit/loan, compromise and write off proposals.

ii) high value proposals for capital and revenue expenditure and those relating to acquisition and hiring of premises including deviation from prescribed norms for acquisition/ hiring of premises.

iii) Proposal for high value investments in Govt. and other approved securities including investment in shares/ debentures of companies as well as high value proposals of underwriting, making donations and

iv) Any other matter of similar nature referred to it by the Board from time to time.

3.2.2.The Management Committee of the Board, at present, comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the Committee and Sri. J. K. Garg and Sri. Charan Singh, Executive Directors of the Bank, Dr. Arvind Sharma, RBI nominee director, Sri Sunil Kumar Maheshwari, Part time Non official director and Sri Partha Chanda, Workmen employee director as members of the Committee.

3.2.3.During the period under review 14 meetings of MCB were held on the dates 26.04.2014, 20.05.2014, 26.06.2014, 24.07.2014, 21.08.2014, 25.09.2014, 19.11.2014, 15.12.2014,2 6.12.2014,13.01.2015,04.02.2015,19.02.2015,14.03.2015, 28.03.2015 and 29.03.2015.

3.3.0. Risk Management Committee of the Board (RMCB)

3.3.1 .The Committee identifies, evaluates, monitors and guides the Bank on various categories of risks to which the Bank's business is exposed and devices, based on periodical review and monitoring, such strategies as would ensure stability and efficiency of the National and International business operations of the Bank. It also supervises and monitors the functioning of Asset Liability Management (ALM) System in the Bank.

3.3.2.The Risk Management Committee of the Board, at present, comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the Committee and Sri. J.K. Garg and Sri. Charan Singh, Executive Directors of the Bank, Sri Pravin Rawal, Govt nominee director, Mr. Salahuddin Ansari, Part time non official director and Sri Partha Chanda, Workmen employees' director as members of the Committee.

3.3.3.During the period under review 4 meetings of RMCB were held on the dates 24.07.2014,25.09.2014,16.12.2014 and 27.03.2015.

3.4.0. Shareholders Grievances Redressal Committee (SGRCB) :

3.4.1. The Committee was constituted under the Chairmanship of the Non-executive Director for speedy redressal of shareholder/ investors' complaints/grievances, like, non receipt of refund orders, share certificate, dividend warrant etc., with due care and to the satisfaction of the complainants. All the complaints received during the year were redressed.

3.4.2. The Shareholders Grievances Redressal Committee, at present, comprises of Sri Sunil Kumar Maheshwari, Chairman of the committee and Sri. J.K. Garg, and Sri. Charan Singh, Executive Directors of the Bank, Sri D N Thakur, Officer employee Director and Sri Partha Chanda Workmen employees' director as members of the Committee.

3.4.3. During the previous financial year 2 meetings of SGRCB were held on 18.11.2014 and 28.03.2015.

3.5.0. Share Transfer Committee of the Board (STCB) :

3.5.1. The committee has been constituted to approve and effect transfer/transmission/transposition etc. of Bank's shares, held in physical form, as also approval on the requests/proposals for issuance of duplicate shares in lieu of originals lost/misplaced/ stolen.

3.5.2. The Share Transfer Committee of the Board , at present, comprises of Sri. J.K. Garg, and Sri. Charan Singh, Executive Directors of the Bank, Sri. Pravin Rawal, Govt Nominee Director, Sri Sunil Kumar Maheshwari and Sri Salahuddin Ansari, Part time non official directors as members of the Committee.

3.5.3. During the previous financial year 4 meetings of STCB were held on the dates 25.07.2014, 25.09.2014,15.12.2014 and 28.03.2015.

3.6.0. Remuneration Committee (RCB) :

3.6.1. The whole time directors of the Bank i.e. the Chairman & Managing Director and the Executive Directors are being paid remuneration and provided reimbursement of traveling and halting expenses as per rules framed by Govt. of India but none of them are paid sitting fees for attending the Board meetings and other committee meetings of the Board.

3.6.2. In compliance with the directives of Ministry of Finance, Government of India, Remuneration Committee of the Board (RCB) was formed for the sole purpose of evaluation of the performances of the whole time directors of the Bank for payment of "Performance Linked Incentives", annually.

3.6.3. The Remuneration Committee of the Board, at present, comprises Sri Pravin Rawal, Govt nominee director, Dr. Arvind Sharma, RBI Nominee director, Sri. Sunil Kumar Maheshwari and Mr. Salahuddin Ansari, Part time non official directors as members.

3.6.4. During the year one meeting was held on 20.08.2014.

3.7.0. Special Committee for Monitoring of Large Value Frauds (SMLVF)

3.7.1. In compliance with the guidelines issued by Reserve Bank of India, Special Committee for Large Value Frauds has been constituted with the objective of monitoring and follow up of frauds involving Rs. 1 crore and above. Chairman & Managing Director of the Bank acts as the Chairman of the Committee.

3.7.2. At present the committee comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the committee, Sri. Jai Kumar Garg and Sri. Charan Singh, Executive Directors and Sri. Pravin Rawal, Govt. Nominee Director, Mr. Salshuddin Ansari, Part time non official director and Sri. Partha Chanda,workmen employee director of the Bank as members.

3.7.3. During the previous financial year, 4 meetings of the Committee were held on the dates 25.04.2014, 20.08.2014, 18.11.2014 and 27.03.2015.

3.8.0. Nomination Committee of the Board (NCB) :

3.8.1. In compliance with the directives of Reserve Bank of India, Nomination committee of the Board (NCB) was constituted so as to undertake the exercise of 'due diligence' for determining 'fit and proper' status of the existing elected directors / persons to be elected as director under Section 9(3)(i) of Banking Companies (Acquisition & Transfer of Undertakings) Act 1970.

3.8.2. At present the committee comprises of Sri. Pravin Rawal, Govt nominee Director, Sri. Sunil Kumar Maheshwari and Mr. Salahuddin Ansari, Part time non official directors as members.

3.8.3. During the period under review 3 meetings of the committee were held on the dates 07.03.2015,12.03.2015 and 23.03.2015.

3.9.0. Customer Service Committee (CSC):

3.9.1.In compliance with the directives issued by Reserve Bank of India, Customer Service Committee of the Board has been constituted:

i) to ensure implementation of and adherence to the recommendations of Committee on Procedures and Performance Audit of Public Services as well as compliance with its recommendations;

ii) to bring upon improvement in the level of customer satisfaction for all categories of clientele at all times;

iii) to consider innovative measures to enhance the quality of customer service

3.9.2. At present, the committee comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the Committee and Sri. J.K. Garg and Sri. Charan Singh, Executive Directors of the Bank, Sri Sunil Kumar Maheshwari, and Mr. Salahuddin Ansari. Part time Non official directors, Sri D N Thakur, Officer employee director and Partha Chanda, Workmen employee director as members of the Committee.

3.9.3. During the period under review, 3 meetings of the committee were held on the dates 26.06.2014, 18.11.2014 and 27.03.2015

3.10.0.Committee on HR Related Issues (CHR)  

In the light of the directive of Govt. of India on Managerial Autonomy to the Public Sector Banks (PSB), the Board of Directors of the Bank is granted with freedom and responsibility for deciding on managerial issues within the broad framework of the Government policies. One of the areas of autonomy relates to framing of HR policies and procedures.  

3.10.1.Objective of the Committee:

i) to decide all Human Resource issues relating to the Bank including staffing pattern, recruitment, placement, transfer, training, promotions, pensions etc.

ii) to frame HR policies and procedures for recruitment including eligibility criteria, mode of selection, levels of entry etc.

iii) to take decisions on remuneration and compensation of officers and staff

iv) to lay down policy of accountability and responsibility of Bank officials

v) to prescribe standards for categorization of branches

3.10.2. At present, the committee comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the Committee and Sri. J.K. Garg and Sri. Charan Singh, Executive Directors of the Bank, Sri Pravin Rawal, Govt Nominee Director, Sri Sunil Kumar Maheshwari, , Mr. Salahuddin Ansari. Part time Non official directors as members of the Committee.

3.10.3. During the previous financial year 5 meetings were held on the dates 25.04.2014, 25.06.2014, 15.12.2014, 14.01.2015 and 27.03.2015.

3.11.0. IT Strategy Committee of the Board (IT)

3.11.1. The Committee has been constituted to formulate strategies in the matters relating to technology upgradation and other IT initiatives.

3.11.2. At present, the committee comprises of Sri Sunil Kumar Maheshwari, Part time non official director as the Chairman of the Committee, Sri. J.K. Garg and Sri. Charan Singh, Executive Directors of the Bank, Sri Pravin Rawal, Govt Nominee Director, Sri D N Thakur, Officers employee director and Sri Partha Chanda, Workmen employees' director as members of the Committee.

3.11.3. During the period under review 2 meetings of the committee were held on 26.06.2014 and 14.01.2015.

3.12.0. Board Level Committee for Monitoring of Recovery  in NPAs (BLCRNPA)

3.12.1. In compliance with the directives of Ministry of Finance, Government of India, to have a robust monitoring mechanism in the Bank, a Board Level Committee for Monitoring of Recovery in NPAs has been constituted on 07.12.2012 to monitor progress in recovery of Non Performing Assets on regular basis. 3.12.2.At present, the committee comprises of Sri. Arun Kaul, Chairman & Managing Director as the Chairman of the Committee and Sri. J.K. Garg and Sri. Charan Singh, Executive Directors of the Bank and Sri Pravin Rawal, Govt Nominee Director as members of the committee.

3.12.3. During the period under review 4 meetingsof the committee were held on 25.04.2014, 25.06.2014, 20.08.2014 and 18.11.2014.

3.13.0. Committee for disposal of Appeal cases:

3.13.1. The Committee for disposal of Appeal cases is a Board level committee constituted to dispose the appeals preferred by the employees against the orders issued by Chairman and Managing Director in the capacity of disciplinary authority.

3.13.2. At present, the Committee for disposal of Appeal cases comprises of Sri Pravin Rawal, Govt nominee director, Dr. Arvind Sharma, RBI Nominee director, Sri Sunil Kumar Maheshwari and Mr. Salahuddin Ansari, Part time non official directors as members.

3.13.3. During the previous year the committee met 2 times. 04.12.2014 & 13.01.2015

4.1.1. Attendance of the Directors in the last Annual General Meeting :

The last i.e. 11th Annual General Meeting was held on 30th June, 2014 at National Library Auditorium, Belvedere Road, Alipore, Kolkata 700 027. Shri Arun Kaul, Chairman & Managing Director, Shri S. Chandrasekharan, Executive Director Shri J K Garg, Executive Director attended the meeting.

4.1.2. Special Resolutions passed during last three years

i) In the Extra Ordinary General Meeting of the shareholders held on 23rd March, 2012, a special resolution was passed in terms of which the shareholders of the Bank accorded their approval to the Board enabling it, interalia, to issue and allot up to 6,06,13,407 equity shares to Government of India and 3,13,75,874 equity shares to Life Insurance Corporation of India on preferential basis. Bank had allotted 58,18,887 equity shares to Government of India and 3,13,75,874 equity shares to LIC of India on 30.03.2012 at an issue price of Rs.82.49 per share determined in accordance with Regulations 76 (1) of SEBI ICDR Regulations, 2009.

ii) In the Extra Ordinary General Meeting of the shareholders held on 4th March, 2013 a special resolution was passed in terms of which the shareholders of the Bank accorded their approval to the Board enabling it, interalia, to issue and allot of 8,79,16,343 equity shares to Government of India on preferential basis at an issue price of Rs.77.46 per share determined in accordance with Regulations 76 (1) of SEBI ICDR Regulations, 2009.

iii) In the Extra Ordinary General Meeting of the shareholders held on 11th February, 2014, a special resolution was passed in terms of which the shareholders of the Bank accorded their approval to the Board enabling it, interalia, to issue and allot (i) 2,59,10,092 equity shares of Rs.10/- each to Government of India against contribution of Rs.200 crore and (ii) 23,61,70,488 equity shares of Rs.10/- upon conversion of Perpetual Non Cumulative Preference Shares (PNCPS) held by Government of India aggregating to Rs.1823 crore to Government of India, on preferential basis at an issue price of Rs.77.19 per share determined in accordance with Regulations 76 (1) of SEBI ICDR Regulations, 2009.

iv) In the Extra Ordinary General Meeting of the shareholders held on 20th March, 2015 a special resolution was passed in terms of which the shareholders of the Bank accorded their approval to the Board enabling it, interalia, to issue and allot of 6,08,82,550 equity shares to Life Insurance Corporation of India on preferential basis at an issue price of Rs.70.21 per share determined in accordance with Regulations 76 (1) of SEBI ICDR Regulations, 2009.

v) No special resolution was passed through postal ballot since  IPO.

5.0. Disclosures :

The Bank is governed under the Banking Regulations Act 1949, Banking Companies (Acquisition & Transfer of Undertaking) Act 1970, Nationalised Banks (Management & Miscellaneous Provisions) Scheme 1970 and The Banking Companies (Acquisition & Transfer) & Financial Institutions Laws (Amendment) Act 2006. Reserve Bank of India, has clarified that for Listed Public Sector Banks, Clause 49 of the Listing Agreement will apply only to the extent that it does not violate the relative statutes applicable to them and the guidelines issued by Government of India/Reserve Bank of India from time to time in this regard.

5.1. Remuneration of Directors :

Other than "Productivity Linked Incentives" payable to the whole time directors, the remuneration of the Chairman & Executive Director is fixed by the Central Government. The Bank does not pay any remuneration to the part time directors except sitting fees at the following rates.

For Board Meeting : Rs.10,000/- per sitting

For Committee Meeting : Rs. 5,000/- per sitting

5.2. Disclosure of Material Transactions and Pecuniary relationship:

Other than those in the normal course of banking business, the Bank has not entered into any materially significant transaction with its promoters, directors or the management etc. that may have potential conflict with the interest of the Bank at large. There was no pecuniary relationship or transactions of the non-executive director vis-a-vis the Bank during the year.

In compliance of the Code of Conduct for Directors and Senior Management of the Bank, Directors do not take part in the deliberations of the Board and its sub-committees when the matters relating to them or their relatives are discussed.

5.3. Proceeds from Public Issues etc.

During the financial year ended on 31st March, 2015, the Bank did not raise any Equity Shares by way of Public/Right Issue. However, Bank allotted 6,08,82,550 equity shares to Life Insurance on preferential basis at an issue price of Rs.70.21 per share determined in accordance with Regulations 76 (1) of SEBI ICDR Regulations, 2009. The funds so received by the Bank were utilized/would be utilized for augmenting Bank's working capital resources and expansion of banking assets.

5.4. The Bank has formulated a Code of Conduct for the Board of Directors and Senior Management on the lines of draft circulated by Indian Bank's Association. The text of the same is available on the website of the Bank www.ucobank.com All the Directors and Senior Management have affirmed their compliance of Code of Conduct during the period under review.

During the year, there is no instance of non-compliance, penalties, strictures imposed on the Bank by the Stock Exchanges or SEBI or any other statutory/regulatory authority on any matter related to Capital Markets transactions.

5.5. The related party transactions of the Bank are disclosed in the Note to accounts of the Balance Sheet as on 31.03.2015.

6.0. Compliance to Mandatory/Non-Mandatory Requirements:

The Bank has complied with all the applicable mandatory requirements as provided in Clause 49 of the Listing Agreement entered into with the Stock Exchanges. The extent of implementation of non-mandatory requirements is furnished as under :

7.0. Means of Communication :

7.1. The information about the operational and financial performance of the Bank are communicated to the Stock Exchanges, where the securities of the Bank are listed immediately on the date of Board meeting approving/reviewing the financial statements of the Bank, besides posting of quarterly/ half-yearly/annual financial results in Bank's website (www.ucobank.com ). Such results are also made public through press releases/advertisements as well as by presentation made to the representatives from print and electronic media and other interested members of the public.

7.2. As per the Listing Agreement with the stock exchanges Unaudited but Reviewed financial results of the Bank for the quarters ended on 30.06.2014, 30.09.2014 & 31.12.2014 were published within the prescribed time limit in widely circulated dailies.

8.0. General Shareholders Information:

8.1.0. Annual General Meeting (AGM) of the Shareholders :

Before the Initial Public Offer, as the entire Equity Capital of the Bank was held by the Govt. of India, no Annual General Meeting was held till 2002-03. Subsequent to IPO, the Bank has been holding Annual General Meetings of the shareholders every year, as prescribed in the statute and within the stipulated time limit. The details of last three general meetings of the shareholders have been indicated under point no.4.0

8.2.0. Listing on Stock Exchanges:

The equity shares of the Bank are listed on the following stock Exchanges

Name of the Stock Exchanges  : 

National Stock Exchange of India Limited

Stock Code  : UCO BANK

Date of listing ; 09.10.2003

Name of the Stock Exchanges  :

Bombay Stock Exchange Limited 

Stock Code  : 532505 

Date of listing ; 09.10.200

8.5.0. Dematerialisation of the Shares

8.5.1.The equity shares of the Bank are available for trading compulsorily in Demat form. The Bank has entered into an agreement with NSDL and CDSL for dematerialisation of shares. Shareholders can get their shares dematerialised with their Depository Participants maintaining their account either with NSDL or CDSL. The ISIN Code for the Bank's equity share is INE691A01018.

The Annual Custodial Fees (2014-15) for the securities have been paid to NSDL and CDSL

8.5.3.The Bank is functioning as a Depository Participant (D.P) of National Securities Depository Ltd. (NSDL) through D.N. Road Branch, Mumbai. The D.P. Services have since been extended to cover wide range of customers through select branches namely, India Exchange Place Branch, Kolkata, Ashram Road Branch, Ahmedabad, Parliament Street Branch, New Delhi and KG Road Branch, Bangalore, Chennai (Main) Branch and Banjara Hills Branch, Hyderabad.

8.5.4. The Bank has not issued any GDRs/ADRs/Warrants or any convertible instruments during the period under review.

8.6.1. Transfer of Unpaid/Unclaimed Dividend amount to Investor Education and Protection Fund (IEPF)

As per Section 10 (B) (1) of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, the dividend amounts which remain unpaid or unclaimed for a period of seven years from the date of transfer to unclaimed dividend accounts, shall be transferred to the Investor Education and Protection Fund (IEPF) established by Central Government. In pursuant to the above provisions, Bank transferred unclaimed dividend for the  years 2003-04, 2004-05 and 2006-07 to IEPF.

8.7. Share Transfer System & Redressal of Investor's Grievances :

The Bank takes every care to ensure that all valid requests for Transfer of Shares are duly complied within the period of 15 days from the date of lodgement of the completed forms. The Board of Directors has constituted the Share Transfer Committee to consider Transfer/Transmission and requests for issuance of duplicate Shares.

8.8. M/s. Karvy Computershare Pvt. Ltd., Hyderabad has been appointed by the Bank as its Registrars and Share Transfer Agent. All communications regarding change of address, change of mandate, transfer of shares etc. may be addressed to them in their following address:

M/s. Karvy Computershare Private Ltd. (Unit : UCO Bank)  Karvy Selenium Tower B, Plot No. 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500008 Contact No:  Phone: 040-67161500  Fax: 040-23420814  Toll Free No.:1800-345-4001 Email: einward.ris@karvy.com

10.0. Address for correspondence with Bank :

For any assistance regarding dematerialisation of shares, transfer of shares, change of address, non-receipt of dividend, issuance of duplicate share certificates etc., the investors can mail their request/complaint to the Bank in the following address :

Shri N Purna Chandra Rao Company Secretary  UCO Bank : Head Office  Finance Department
2, India Exchange Place, 3rd Floor, Kolkata - 700 001 Telephone No. (033)44557227 Fax No. (033) 2248-5625  E-Mail Address : hosgr.calcutta@ucobank.co.in  

 10.1. Exclusive e-mail ID for Investors' Complaints :

In compliance with the SEBI guidelines, a dedicated e-mail ID has been created for any complaints by the Investors/ Shareholders regarding UCO Bank Equity Shares/Payment of Dividends etc. Any complaint by the Investors shall be responded expeditiously along with necessary action taken by the Compliance Officer. The e-mail ID is: hosgr.calcutta@ucobank.co.in The e-mail ID is also been posted in the website of the Bank.

11.0. Auditors Report on Corporate Governance

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, the Audit Certificate on Corporate Governance for year 2014-15 issued by the Statutory Central Auditors is submitted to the Board of Directors and the same is part & parcel of the Corporate Governance Report 2014-15. (Annexure-I)

12.0. CEO & CFO Certificate

The Certificate of CEO & CFO under Clause 49 of the Listing Agreement is submitted to the Board of Directors and the same is part & parcel of the Corporate Governance Report 2014-15. (Annexure-II)

Declaration On Compliance With Code Of Conduct

The Bank has laid down a Code of Conduct for all the Board members and Core Management of the Bank and which is posted on the website of the Bank. The Board members and Core Management have affirmed compliance with the Code of Conduct as on 31.03.2015

For UCO Bank

(Arun Kaul)  

Chairman & Managing Director

 

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