HDFC Bank to hold 28th annual general meeting on 16 July. Here’s what to expect

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    The largest private sector bank, HDFC Bank is set to hold its 28th annual general meeting on July 16 through video conferencing. The shareholders are expected to consider dividend and statutory auditors’ appointments.

    In its regulatory filing on Friday, HDFC Bank stated that dividend if approved at the AGM will be paid on or after July 18, 2022, in electronic form or through dispatch of physical dividend warrants.

    On April 23, HDFC Bank’s board of directors recommended a dividend of 15.50 per equity share having a face value of Re 1 each fully paid up (i.e.1550 %) out of the net profits for the year ended March 31, 2022.

    The investors will keenly watch shareholders’ decisions on dividends in this AGM.

    Further, HDFC Bank will seek shareholders’ approval on the appointment of Price Waterhouse LLP as the first preferred firm to act as joint Statutory Auditors of the Bank, in place of MSKA & Associates, retiring auditors of the Bank, for a period of 3 years from FY23 to FY25.

    Notably, HDFC Bank stated that this firm shall act as the joint Statutory Auditors of the Bank along with M. M. Nissim & Co. LLP for the remainder of the term of the latter.

    Price Waterhouse & Affiliates are cumulatively more than 100 years old in India and have offices in IO cities in India – Mumbai, Ahmedabad, Gurgaon, Bangalore, Kolkata, Hyderabad, Pune, Chennai, New Delhi, and Jamshedpur. Price Waterhouse LLP has 65 partners as of March 31, 2022, having years of experience in auditing clients across various sectors including clients in the Banking and Financial Service sectors and more than 150 qualified professionals.

    On BSE, HDFC Bank shares have closed at 1350.65 apiece down by 1.94%. At the closing price, HDFC Bank’s market cap stands at 7,49,880.79 crore.

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