At meeting held on 04 January 2018
The Board of Indian Overseas Bank approved the following by circulation:1. To utilize the balance available in the Share Premium account amounting to Rs. 7650.06 crore as at 31 March 2017 to write off the accumulated losses of the Bank aggregating to Rs. 6978.94 crore as at 31 March 2017 to present a true and fair view of the financial position of the Bank and to take the same into account during current Financial Year 2017-18.
2. Convening of an Extraordinary General Meeting (EGM) of shareholders of the Bank on 30 January 2018 at Chennai for obtaining the approval of the shareholders for the above.
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