Indias largest bank has postponed the publication of its annual financial results by a week because its chairman will be busy attending to Congress president Sonia Gandhi as she inaugurates 12 new branches of the bank in her constituency Rae Bareli on that day.
State Bank of India (SBI) had informed the stock exchanges that the meeting of its board of directors would be held on May 15. However,SBI chairman Pratip Chaudhuri will be in UP with Sonia on that day,and the meeting has been pushed back to May 23.
The board meeting of the bank which was scheduled on May 15 has been postponed as some of our board members will be away on that day as some new branches will be opened on that day, SBI managing director Hemant Contractor told The Indian Express.
It is unusual for major companies to change the date of a board meeting. In my term this had never happened, a former chairman of a public sector bank said.
State Bank of India has told the stock exchanges that the meeting has had to be delayed on account of issues in the preparation of accounts.