Axis Bank Regs Regulatory News (AXB)

30 Apr 2007 12:13

UTI Bank Limited30 April 2007 DECISIONS TAKEN AT BOARD MEETING OF UTI BANK HELD ON 30th APRIL 2007 1. THE BANK TO CHANGE ITS NAME TO 'AXIS BANK' The Board of Directors of UTI Bank Limited has decided today to recommend to shareholders an amendment to the Bank's Memoran dum and Articles of Association to change the name of the Bank from 'UTI Bank Limited' to 'Axis Bank Limited,' subject to the approval by the Central Government (Registrar of Companies) and Reserve Bank of India. The recommendation for the change of name has arisen from the existence of several shareholder-unrelated entities using the UTI brand, and the consequent brand confusion that this generates. The name will take effect consequent to the approval of shareholders, Reserve Bank of India and the Central Government (Registrar of Companies). It is anticipated that this should occur by end-June 2007, and the rebranding process is expected to be completed within another 3 months." 2. APPOINTMENT OF SHRI P J NAYAK AS WHOLE-TIME CHAIRMAN OF THE BANK The Board of Directors of UTI Bank at its meeting held today has recommended to shareholders that Shri P.J. Nayak be appointed as whole-time Chairman, subject to approval of the Reserve Bank of India, the Specified Undertaking of the Unit Trust of India and shareholders with effect from 1st August, 2007 for a period of 2 years i.e. upto 31st July, 2009. This requires shareholders to approve amendments to the Bank's Articles of Association. This information is provided by RNS The company news service from the London Stock Exchange