keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

1. DeefYeMeemeve mebefnlee hej yeQkeâ keâer veerefle

yeQkeâ keâe DeefYecele nw efkeâ ßes‰ keâehee&sjsš DeefYeMeemeve JÙeJemLeeefkeâmeer Yeer mebie"ve kesâ meblegefuele efJekeâeme kesâ efueS cenlJehetCe& mebIeškeânw~ Fmemes ve kesâJeue MesÙejOeejkeâeW keâes DeefOekeâlece cetuÙe efceuesieeDeefheleg mebie"ve keâe oerIe&keâeueerve Deewj mLeeÙeer efJekeâeme Yeer nesiee~keâehee&sjsš DeefYeMeemeve kesâ GÛÛelece ceevekeâeW keâes Øeehle keâjves kesâefueS efveosMekeâ ceb[ue veereflemebiele cetuÙeeW Deewj GÛÛe vewweflekeâ ceeveob[esceW efJeÕeeme jKelee nw~

efveosMekeâ ceb[ue ves Deheveer Deesj mes efJeefYeVe mše@keâ SkeämeÛeWpeeW kesâmeeLe efkeâÙes ieS metÛeeryeælee keâjej kesâ KeC[ 49 kesâ DeOeervekeâehee&sjsš DeefYeMeemeve keâer mebefnlee keâes hetCe&leÙee keâeÙee&JeefvJele efkeâÙeenw~ yeQkeâ Deheves MesÙejOeejkeâeW, «eenkeâeW, mejkeâej Deewj Deece peveleemeefnle peesefKece G"eves JeeueeW kesâ efnleeW keâer GefÛele megj#ee nssleg vekesâJeue keâehee&sjsš DeefYeMeemeve keâer meebefJeefOekeâ Dehes#eeDeeW keâe Devegheeuevekeâjsiee, Deefheleg mJesÛÚehetJe&keâ keâehee&sjsš DeefYeMeemeve keâer ßes‰leceveerefleÙeeW keâe Yeer heeueve keâjsiee~

2. efveosMekeâ ceC[ue

yeQkeâkeâejer efJeefveÙeceve DeefOeefveÙece, 1949 Deewj yeQkeâkeâejer kebâheveer(Ghe›eâceeW keâe Depe&ve Deewj DeblejCe) DeefOeefveÙece, 1970 leLeeje°^erÙeke=âle yeQkeâ (ØeyebOeve SJeb efJeefJeOe ØeeJeOeeve) Ùeespevee, 1970kesâ ØeeJeOeeveeW kesâ Deveg¤he yeQkeâ kesâ efveosMekeâ ceC[ue keâes efJeefveÙeefceleefkeâÙee ieÙee nw~ Yeejle mejkeâej Éeje DeOÙe#e SJeb ØeyebOe efveosMekeâDeewj keâeÙe&heeuekeâ efveosMekeâ veecekeâ oes hetCe&keâeefuekeâ efveosMekeâeW keâerefveÙegefòeâ keâer ieF& nw~ efveosMekeâ ceC[ue ceW efJeòe ceb$eeueÙe (Yeejlemejkeâej), YeejleerÙe efj]peJe& yeQkeâ, yeQkeâ kesâ DeefOekeâejer keâce&Ûeejer Deewjkeâce&Ûeejer keâeceieej keâe Skeâ-Skeâ ØeefleefveefOe efveosMekeâ meefcceefuelenQ~ oes efveosMekeâ, Yeejle mejkeâej Éeje veeefcele nQ Deewj Ûeej efveosMekeâYeejle mejkeâej kesâ DeueeJee MesÙejOeejkeâeW ceW mes MesÙejOeejkeâeW ÉejeÛeÙeefvele nQ~

2.1 efveosMekeâeW kesâ efJeJejCeefveosMekeâeW kesâ efJeJejCe veerÛes efoÙes ieS nQ :

1. Bank’s Philosophy on Code of Governance

The Bank believes that good Corporate Governancepractices are ingredients for the balanced development ofan organisation which would not only maximise theshareholders value but would also have sustained and longlasting development of the organisation. The Board ofDirectors believe in ethical values and high moral standardsin achieving the highest standards of CorporateGovernance.

The Board of Directors on its part has implemented theCode of Corporate Governance under clause 49 of thelisting agreements entered into with various stockexchanges. The Bank shall not only comply statutoryrequirements of Corporate Governance but shall also followvoluntarily the best practices of Corporate Governance inthe Bank in order to best serve the interests of itsstakeholders including Shareholders, Customers,Government and Public at large.

2. Board of Directors

The Board of Directors of the Bank is governed by theprovisions of the Banking Regulations Act, 1949, BankingCompanies (Acquisition and Transfer of Undertakings) Act,1970 & Nationalised Banks (Management & MiscellaneousProvisions) Scheme, 1970. The Chairman & ManagingDirector and Executive Director are two whole timeDirectors appointed by the Govt. of India. The Boardcomprises of a director each represented by Ministry ofFinance (Government of India), Reserve Bank of India,Officer Employee and Workmen of the Bank, two Directorsnominated by Government of India and four Directorselected by shareholders from amongst shareholders otherthan the Government of India.

2.1 Particulars of DirectorsThe Particulars of Directors are given as under :

33

34

›eâ. efveosMekeâeW kesâ veece Gceü ÙeesiÙelee DevÙe kebâheefveÙeeW osvee yeQkeâ keâer *DevÙe kebâheefveÙeeW osvee yeQkeâ keâer DevÙe kebâheefveÙeeW keâermeb. Deewj keâeÙe&keâeue Je<eeX ceW ceW efveosMekeâ meefceefle ceW keâer meefceefleÙeeW meefceefleÙeeW ceW DeOÙe#e meefceefleÙeeW ceW

keâer nwefmeÙele meomÙelee ceW meomÙelee keâer nwefmeÙele DeOÙe#e keâer nwefmeÙele

Sr. Name of Directors Age Qualification Directorship Membership in *Membership Chairmanship ChairmanshipNo. and Tenure in in other Committees of in Committees in Committees in Committees

Yrs. Companies Dena Bank of other of Dena Bank of otherCompanies Companies

efveosMekeâeW kesâ efJeJejCe PARTICULARS OF DIRECTORS

1

2

3

ßeer S. peer. peesMeer (De.Øe.efve.)Shri A.G. Joshi (CMD)

15.05.2000 mes/to31.12.2003

[e@. S. kesâ. KeC[sueJeeue(De.Øe.efve.)

Dr. A.K. Khandelwal(CMD)

05.02.2004 mes/to31.03.2008

ßeer Sme. meer. Jeesnje (keâeÙe&.efve.)Shri S.C. Vohra (ED)

21.12.2000 mes/to30.04.2003

60

56

60

Sce.Smemeer. (Fues.),[eryeerSce,meerSDeeF&DeeF&yeer (I)M.Sc. (Electronics),DBM, CAIIB(I)

yeer.F&., ØeyebOeve ceWmveelekeâesòej ef[«eer leLeeheerSÛe.[er., SueSue.yeer.,ØeefMe#eCe SJeb efJekeâemeleLee ßece keâevetve ceWmveelekeâesòej ef[hueesceeB.E., P.G. Degree& Ph.D. inManagement,LL.B., P.G. Diplomain Training &Development andLabour Laws.

Sme. S. (DeLe&Meem$e)M.A. (Economics)

ueeiet veneRN.A.

kegâÚ veneRNil

ueeiet veneRN.A.

ueeiet veneRN.A.

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle4. iewj efvemheeokeâDeeefmleÙeeW keâerefveiejeveer kesâ efueSefveosMekeâeW keâer meefceefle5. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle1. Board2. ManagementCommittee3. Committee ofDirectors onIntegrated RiskManagement4. Committee ofDirectors forMonitoring NPAs5. Committee ofDirectors onLarge ValueFrauds

ueeiet veneRN.A.

ueeiet veneRN.A.

kegâÚ veneRNil

ueeiet veneRN.A.

ueeiet veneRN.A.

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle4. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle5. iewj efvemheeokeâDeeefmleÙeeW keâerefveiejeveer kesâ efueSefveosMekeâeW keâer meefceefle1. Board2. ManagementCommittee3. Committee ofDirectors onIntegrated RiskManagement4. Committee ofDirectors onLarge ValueFrauds5. Committee ofDirectors formonitoring NPAs

ueeiet veneRN.A.

ueeiet veneRN.A.

kegâÚ veneRNil

ueeiet veneRN.A.

4 ßeer S. kesâ. jeÙeShri A.K. Rai12.11.2002 mes DeeieeceerDeeosMe lekeâ / untilfurther orders

42 Sce. S.M.A.

YeejleerÙeDeewÅeesefiekeâ efveJesMeyeQkeâIndustrialInvestmentBank of India

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. uesKee hejer#eemeefceefle4. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle

1. YeejleerÙe DeewÅeesefiekeâefveJesMe yeQkeâ (uesKeehejer#ee meefceefle)2. YeejleerÙe DeewÅeesefiekeâefveJesMe yeQkeâ (MesÙejOeejkeâ Deewj efveJesMekeâheefjJeeo meefceefle)

kegâÚ veneRNil

kegâÚ veneRNil

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

35

efveosMekeâeW kesâ efJeJejCe PARTICULARS OF DIRECTORS

5

6

7

8

megßeer «esme F&. keâesMeerSmt. Grace E. Koshie13.06.2001 mes/to08.01.2004

ßeer heer. efJepeÙe YeemkeâjShri P. Vijaya Bhaskar09.01.2004 mes DeeieeceerDeeosMe lekeâ / untilfurther orders

ßeer megOeerj peesMeerhegjeShri Sudhir Joshipura08.02.2002 mes/to07.02.2005

ßeer yeer. šer. Deej. jsñerShri B.T.R. Reddy21.03.2003 mes/to30.04.2005

51

48

54

58

Sce. S. (DeLe&Meem$e),GÛÛe efMe#ee ceWmveelekeâesòej ef[hueescee,meerSDeeF&DeeF&yeer.M.A. (Economics),P.G. Diploma inHigher Education,CAIIB.

Sce. keâe@ce.,meerSDeeF&DeeF&yeer,heerpeer[eryeerSce.M.Com., CAIIB,PGDBM.

yeer. keâe@ce.B.Com.

yeer. Smemeer.B.Sc.

ueeiet veneRN.A.

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

5. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle1. Board2. ManagementCommittee3. AuditCommittee4. Committee ofDirectors onIntegrated RiskManagement5. Committee ofDirectors onLarge ValueFrauds

ueeiet veneRN.A.

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. uesKee hejer#eemeefceefle1. Board2. ManagementCommittee3. AuditCommittee

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. MesÙej Oeejkeâ /efveJesMekeâ heefjJeeomeefceefle1. Board2. ManagementCommittee3. Shareholders’/ Investors’GrievancesCommittee

1. efveosMekeâ ceb[ue2. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle1. Board

1. IndustrialInvestment Bankof India (AuditCommittee)2. IndustrialInvestment Bankof India(Shareholders &InvestorsGrievanceCommittee)

ueeiet veneRN.A.

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

ueeiet veneRN.A.

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

ueeiet veneRN.A.

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

efveosMekeâeW kesâ efJeJejCe PARTICULARS OF DIRECTORS

9

10

11

ßeer leguemeer De«eJeeueShri Tulsi Agarwal03.05.2001 mes/to02.05.2004

ßeerceleer megosMe ÙeeoJeSmt. Sudesh Yadav12.12.2001 mes/to11.12.2004

ßeer Sme. meer. JeOeJeeShri S.C. Wadhwa19.01.2003 mes/to18.01.2006

44

52

63

Sce. S., SueSue.yeer.M.A., LL.B.

Sce.S., SueSue.yeerM.A., LL.B.

Sce. S.,meerSDeeF&DeeF&yeer.M.A., CAIIB.

1. yeer. kesâ. Hetâ[dmeØee. efue.2. keâvHeäuÙegSvmeSs[JejšeFefpebieØee. efue.3. Deuš^eHeâemšmeefJe&mesme Øee. efue.4. ceušerhueskeämeceekexâefšbie SC[Fb[efmš^Ùeue kebâ.efue.5. hetJeeËÛeueceeref[Ùee Øee. efue.1. B.K. FoodsPvt. Ltd.2. ConfluenceAdvertisingPvt. Ltd.3. UltrafastServices Pvt.Ltd.4. MultiplexMarketing &Industrial Co.Ltd.5. PurvanchalMedia Pvt.Ltd.

Heâesefvekeäme uewchmeFbef[Ùee efue.PhoenixLamps IndiaLtd.

kesâpesScemeerFvJesmšceWš š^mškebâ. efue.

2. Committee ofDirectors onIntegrated RiskManagement

1. efveosMekeâ ceb[ue2. uesKee hejer#eemeefceefle3. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle1. Board2. AuditCommittee3. Committee ofDirectors onLarge ValueFrauds

1. efveosMekeâ ceb[ue2. iewj efvemheeokeâDeeefmleÙeeW keâerefveiejeveer kesâ efueSefveosMekeâeW keâer meefceefle3. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle1. Board2. Committee ofDirectors forMonitoring NPAs3. Committee ofDirectors onLarge ValueFrauds

1. efveosMekeâ ceb[ue2. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

MesÙej Oeejkeâ /efveJesMekeâ heefjJeeomeefceefle

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

36

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

37

efveosMekeâeW kesâ efJeJejCe PARTICULARS OF DIRECTORS

12

13

14

ßeer Delegue DeMeeskeâ ieueeb[sShri Atul AshokGalande19.01.2003 mes/to18.01.2006

ßeer meer. Sce. oeref#eleShri C.M. Dixit19.01.2003 mes/to18.01.2006

ßeer ceveg Ûe{d{eShri Manu Chadha19.01.2003 mes/to18.01.2006

37

53

48

Sce. keâe@ce., SHeâ.meer.S.M.Com., F.C.A.

yeer.keâe@ce., meer.S.B.Com., C.A.

yeer.keâe@ce., meer.S.,SueSue.yeer.B.Com., C.A.,LL.B.

KJMCInvestmentTrust Co. Ltd.

kegâÚ veneRNil

1. peer[erSš^mšerpe SC[kebâmeušQmeer Øee.efue.2. ßeerjece efÛešdme(cegbyeF&) efue.3. DeejcejkebâmeušWšdme Øee.efue.1. GDATrustees &ConsultancyPvt. Ltd.2. ShriramChits(Mumbai) Ltd.3. ArmourConsultantsPvt. Ltd.

1. šerDeejmeerkeâe@heexjsškebâmeefušbie efue.2. šerDeejmeerHeâeFveQefmeÙeuemeefJe&mespe efue.3. peerDeeF&meerneGefmebie HeâeF. efue.

3. iewj efve<heeokeâDeeefmleÙeeW keâerefveiejeveer kesâ efueSefveosMekeâeW keâer meefceefle4. MesÙej Oeejkeâ /efveJesMekeâ heefjJeeomeefceefle1. Board2. Committee ofDirectors onIntegrated RiskManagement3. Committee ofDirectors forMonitoring NPAs4. Shareholders’/ Investors’GrievancesCommittee

1. efveosMekeâ ceb[ue2. uesKee hejer#eemeefceefle1. Board2. AuditCommittee

1. efveosMekeâ ceb[ue2. ØeyebOeve meefceefle3. mecesefkeâle peesefKeceØeyebOeve hej efveosMekeâeWkeâer meefceefle4. MesÙej Oeejkeâ /efveJesMekeâ heefjJeeomeefceefle1. Board2. ManagementCommittee3. Committee ofDirectors onIntegrated RiskManagement4. Shareholders’/ Investors’GrievancesCommittee

1. efveosMekeâ ceb[ue2. iewj efvemheeokeâDeeefmleÙeeW keâerefveiejeveer kesâ efueSefveosMekeâeW keâer meefceefle3. yeÌ[er ueeiele JeeueerOeesKeeOeÌ[er hejefveosMekeâeW keâer meefceefle

kegâÚ veneRNil

kegâÚ veneRNil

1. DeesefjÙebš hesheme&SC[ Fb[mš^erpe efue.(uesKee hejer#ee meefceefle)2. Fmheele Fb[mš^erpeefue. (uesKee hejer#eemeefceefle)3. SmeyeerDeeF& Hebâ[dmecewvespeceWš Øee. efue.

Shareholders/InvestorsGrievanceCommittee

uesKee hejer#eemeefceefleAudit Committee

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

kegâÚ veneRNil

1. Fmheele Fb[mš^erpeefue. (uesKee hejer#eemeefceefle)3. SmeyeerDeeF& Hebâ[dmecewvespeceWš Øee. efue.(uesKee hejer#eemeefceefle)

efveosMekeâeW kesâ efJeJejCe PARTICULARS OF DIRECTORS

4. DeesefjÙebš hesheme&SC[ Fb[mš^erpeefue.5. FmheeleFb[mš^erpe efue.6. SmeyeerDeeF&Hebâ[dme cewvespeceWšØee. efue.1. TRCCorporateConsultingLtd.2. TRCFinancialServices Ltd.3. GICHousingFinance Ltd.4. OrientPapers andIndustriesLtd.5. IspatIndustriesLtd.6. SBI FundsManagementPvt. Ltd.

(uesKee hejer#ee meefceefle)4. Fmheele Fb[mš^erpeefue. (MesÙej OeejkeâDeewj efveJesMekeâ heefjJeeomeefceefle)1. Orient Paper &Industries Ltd.(Audit Commit-tee)2. Ispat IndustriesLtd. (AuditCommittee)3. SBI FundsManagement Pvt.Ltd. (AuditCommittee)4. Ispat IndustriesLtd. (Sharehold-ers & InvestorsGrievanceCommittee)

1. Board2. Committee ofDirectors forMonitoring NPAs3. Committee ofDirectors onLarge ValueFrauds

1. IspatIndustries Ltd.(AuditCommittee)2. SBI FundsManagementPvt. Ltd. (AuditCommittee)

3. ceC[ue keâer yew"keWâ

meceer#eeOeerve Je<e& kesâ oewjeve efveosMekeâ ceC[ue keâer efvecveefueefKeleleejerKeeW keâes 20 yew"keWâ DeeÙeesefpele ngFË :

01.04.2003 30.04.2003 15.05.2003 30.06.2003 26.07.200308.08.2003 23.08.2003 12.09.2003 23.10.2003 29.10.200327.11.2003 24.12.2003 30.12.2003 03.01.2004 09.01.200416.01.2004 24.01.2004 27.01.2004 07.02.2004 10.03.2004

3. Board Meetings

During the year under review, 20 meetings of the Boardof Directors were held on the following dates :

01.04.2003 30.04.2003 15.05.2003 30.06.2003 26.07.200308.08.2003 23.08.2003 12.09.2003 23.10.2003 29.10.200327.11.2003 24.12.2003 30.12.2003 03.01.2004 09.01.200416.01.2004 24.01.2004 27.01.2004 07.02.2004 10.03.2004

38

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

* uesKee hejer#ee meefceefle / heeefjßeefcekeâ meefceefle/MesÙejOeejkeâ Deewj efveJesMekeâ efMekeâeÙele meefceefleÙeeW hej Fme ØeÙeespeve kesâ efueS efJeÛeej efkeâÙee peelee nw~* Audit Committee/Remuneration Committee/Shareholders & Investors Grievance Committees are considered for this purpose

39

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

3.1 meefceefleÙeeW keâer yew"keâeW ceW GheefmLeefle keâe efJeJejCe efvecveevegmeej nw :3.1 The Status of attendance in the meetings of the committees is as under:

efveosMekeâ keâe veece efveosMekeâ ceb[ue keâer yew"keâ ØeyebOeve meefceefle uesKee hejer#ee meefceefleName of Director Board Meeting Management Committee Audit Committee

DeOÙe#e ßeer S. peer. peesMeer ßeer S. peer. peesMeer ßeer ceveg Ûe{d{eChairman Sh. A. G. Joshi Sh. A. G. Joshi Sh. Manu Chadha

efoveebkeâ lekeâ / Upto efoveebkeâ lekeâ / Upto efoveebkeâ lekeâ / Upto31/12/03 31/12/03 27/01/04

[e@. S. kesâ. KeC[sueJeeue [e@. S. kesâ. KeC[sueJeeue ßeer S. S. ieueeb[sDr. A K Khandelwal Dr. A K Khandelwal Sh. A.A. Galandeefoveebkeâ mes / From efoveebkeâ mes / From efoveebkeâ mes / From

05/02/04 05/02/04 28/01/04

yeQ"keWâ DeeÙeesefpele ngFË * yeQ"keâeW ceW Yeeie efueÙee yeQ"keWâ DeeÙeesefpele ngFË * yeQ"keâeW ceW Yeeie efueÙee yeQ"keWâ DeeÙeesefpele ngFË * yeQ"keâeW ceW Yeeie efueÙee

Meetings Held* Meetings Attended Meetings Held* Meetings Attended Meetings Held* Meetings Attended

[e@. S. kesâ. KeC[sueJeeue (De.Øe.efve.)

Dr A. K. Khandelwal (CMD) 02 02 03 03 ueeiet veneR/NA ueeiet veneR/NA(mes / From 05.02.2004)ßeer S. peer. peesMeer (De.Øe.efve.)

Sh. A. G .Joshi (CMD) 13 13 13 13 ueeiet veneR/NA ueeiet veneR/NA(lekeâ / Upto 31.12.2003)ßeer Sme. meer. Jeesnje (keâeÙe&.efve.)Shri S. C Vohra (ED) 02 02 02 02 01 01(lekeâ / Upto 30.04.2003)ßeer S. kesâ. jeÙeSh. A.K. Rai 20 15 16 15 12 09ßeer heer. efJepeÙe YeemkeâjSh.P.Vijaya Bhaskar 06 02 03 02 02 02( mes / From 09.01.2004)megßeer «esme F&. keâesMeerMs. Grace E. Koshie 14 10 13 12 10 08(lekeâ / Upto 08.01.2004)ßeer megOeerj kesâ. peesMeerhegjeSh.Sudhir K. Joshipura 20 20 03 03 ueeiet veneR/NA ueeiet veneR/NAßeer yeer. šer. Deej. jsñerSh. B. T. R. Reddy 20 20 ueeiet veneR/NA ueeiet veneR/NA ueeiet veneR/NA ueeiet veneR/NAßeer leguemeer De«eJeeueSh. Tulsi Agarwal 20 15 ueeiet veneR/NA ueeiet veneR/NA 12 09ßeerceleer megosMe ÙeeoJeSmt. Sudesh Yadav 20 17 03 02 ueeiet veneR/NA ueeiet veneR/NAßeer Sme. meer. JeOeJeeSh. S. C. Wadhwa 20 16 10 07 ueeiet veneR/NA ueeiet veneR/NAßeer Delegue S. ieueeb[sSh. Atul.A Galande 20 17 10 08 01 01ßeer meer. Sce. oeref#eleSh. C. M . Dixit 20 20 03 03 ueeiet veneR/NA ueeiet veneR/NAßeer ceveg ÛeÌ{d{eSh. Manu Chadha 20 15 03 02 11 11

* Fvemes mebyebefOele keâeÙe&keâeue kesâ oewjeve * During their respective tenure

4. Committees of Directors

In accordance with the guidelines issued by ReserveBank of India and the guidelines on CorporateGovernance, the Bank has constituted variousCommittees of the Board of Directors, the details ofwhich are given as below :

4.1 Management Committee of the Board of Directors

The Bank has constituted Management Committeeas per provisions of Nationalised Banks (Managementand Miscellaneous Provisions) Scheme, 1970. Themain functions of the Committee include sanctioningof Credit Proposals, proposals for approval of Capitaland Revenue Expenses and Investments inGovernment and other approved Securities / Sharesand Debentures of Companies including Underwritingetc. which are beyond the discretionary powers of theChairman & Managing Director and any other matterreferred to Management Committee by the Board.

Dr. A K. Khandelwal (Chairman of the Committee),Shri A.K. Rai, Shri P. Vijaya Bhaskar, Shri SudhirJoshipura and Shri C.M. Dixit were the members ofthe Committee as on March 31, 2004. The Committeemet on 16 occasions from April, 2003 to March 2004.

4.2 Audit Committee of the Board

The Bank has constituted Audit Committee of theBoard of Directors in October 1995 as per instructionsof the Reserve Bank of India and the committee wasreconstituted in the month of September 1997.

The function of Audit Committee includes overseeingthe audit functions, review of Bank’s financialperformance, review critical findings of concurrent/other inspections / audits, compliance with accountingstandards and all other matters specified under Clause49 of the Listing Agreement of the Stock Exchange.The Committee considered the Annual Accounts forthe financial year 2003-04 before recommending thesame to the Board for approval.

The Audit Committee of the Board of Directorscomprises five members of Board of Directors. Thefollowing is the present composition of AuditCommittee of the Board of Directors in the Bank:

(a) Executive Director of the Bank

(b) Two Official Directors (i.e. Nominees of Govt. ofIndia and RBI); and

(c) Two Non-Official, Non-Executive Directors.

As on March 31, 2004, Shri A.K. Rai, Shri P. VijayaBhaskar, Shri Tulsi Agarwal and Shri Atul Ashok

4. efveosMekeâeW keâer meefceefleÙeeb

YeejleerÙe efj]peJe& yeQkeâ Éeje peejer efoMeeefveoxMeeW kesâ Deveg¤he Deewjkeâehee&sjsš DeefYeMeemeve kesâ ceeie&oMeea efmeæebleeW kesâ Devegmeej yeQkeâ vesDeheves yeQkeâ kesâ efveosMekeâ ceC[ue keâer efJeefYeVe meefceefleÙeeW keâe ie"veefkeâÙee nw efpevekeâe yÙeewje Fme heÇkeâej nw :

4.1 efveosMekeâ ceC[ue keâer ØeyebOeve meefceefle

yeQkeâ ves je°^erÙeke=âle yeQwkeâ (ØeyebOeve SJeb efJeefJeOe ØeeJeOeeve)Ùeespevee, 1970 kesâ ØeeJeOeeveeW kesâ Devegmeej ØeyebOeve meefceefle keâeie"ve efkeâÙee nw~ meefceefle kesâ cegKÙe keâeÙeeX ces DeOÙe#e SJebØeyebOe efveosMekeâ kesâ efJeJeskeâeOeerve DeefOekeâejeW mes DeefOekeâ kesâmeeKe ØemleeJeeW keâer mJeerke=âefle, hetbpeeriele SJeb jepemJe JÙeÙe kesâDevegceesove kesâ ØemleeJe Deewj mejkeâejer SJeb DevÙe DevegceesefoleØeefleYetefleÙeeW neceeroejer Deeefo meefnle keâcheefveÙeeW kesâ MesÙejeWSJeb ef[yeWÛejeW ceW efveJesMe leLee ØeyebOeve meefceefle keâes efveosMekeâceC[ue Éeje Øemlegle keâesF& Yeer DevÙe ceeceuee Meeefceue nw~

31 ceeÛe& 2004 keâes [e. S.kesâ.KeC[sueJeeue (DeOÙe#e SJeb ØeyebOeefveosMekeâ) ßeer S.kesâ.jeÙe, ßeer heer. efJepeÙe Yeemkeâj, ßeer megOeerjpeesMeerhegje Deewj ßeer meer.Sce.oeref#ele Gkeäle meefceefle kesâ meomÙe Les~DeØewue 2003 mes ceeÛe&, 2004 lekeâ keâer DeJeefOe ceW Gkeäle meefceeflekeâer 16 yew"keWâ ngFË~

4.2 ceC[ue keâer uesKee hejer#ee meefceefle

YeejleerÙe efj]peJe& yeQkeâ kesâ DevegosMeeW kesâ Devegmeej yeQkeâ vesDekeäòetyej, 1995 ceW efveosMekeâ ceC[ue keâer uesKee hejer#eemeefceefle keâe ie"ve efkeâÙee Deewj Jen efmelecyej, 1997 ceen ceWhegveie&ef"le keâer ieF&~

uesKee hejer#ee meefceefle kesâ keâeÙeeX ceW uesKee hejer#ee keâeÙeeX keâeheÙe&Jes#eCe keâjvee, yeQkeâ kesâ efJeòeerÙe keâeÙe& efve<heeove keâer meceer#eekeâjvee, meceJeleea/DevÙe efvejer#eCeeW/uesKee hejer#eeDeeW kesâ cenòJehetCe&efve<keâ<eeX keâer meceer#ee keâjvee uesKeebkeâve ceevekeâeW leLee MesÙej yeepeejkesâ metÛeeryeælee keâjej kesâ Keb[ 49 kesâ lenle efJeefveefo&° DevÙeceeceueeW keâe Devegheeueve keâjevee Meeefceue nQ~ Gkeäle meefceefle vesefJeòeerÙe Je<e& 2003-04 kesâ Jeeef<e&keâ uesKeeW keâes efveosMekeâ ceb[ue kesâDevegceesove nsleg, mebmlegle keâjves kesâ henues Gme hej efJeÛeej efkeâÙee~

efveosMekeâ ceC[ue keâer uesKee hejer#ee meefceefle ceW heebÛe meomÙemeefcceefuele nQ~ yeQkeâ ceW efveosMekeâ ceC[ue keâer uesKee hejer#eemeefceefle keâe ceewpetoe mebÙeespeve Fme Øekeâej nw:

keâ. yeQkeâ kesâ keâeÙe&heeuekeâ efveosMekeâ

Ke. oes mejkeâejer efveosMekeâ (DeLee&led Yeejle mejkeâej DeewjYee.efj.yeQ. kesâ veeefceleer) Deewj

ie. oes iewj-mejkeâejer, iewj-keâeÙe&heeuekeâ efveosMekeâ~

31 ceeÛe&, 2004 keâes ßeer S.kesâ.jeÙe, ßeer heer. efJepeÙe Yeemkeâj, ßeerleguemeer De«eJeeue Deewj ßeer Delegue DeMeeskeâ ieueeb[s (meefceefle kesâ

40

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keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

Galande (Chairman of the Committee) are membersof the Audit Committee. Shri Atul Ashok Galande ,Non-Official, Non-Executive Director is a CharteredAccountant representing shareholders. During theyear under review, the Audit Committee met on 12occasions.

4.3 Advisory Committee of Board of Directors forPriority Sector Advances

The main functions of the Committee include reviewof the progress made in Priority Sector Advances andformulation and implementation of existing and newschemes. The Committee evaluates the performancein the light of corporate goals set in each area. TheCommittee also gives directions / guidelines andsuggests remedial measures for overcomingweakness and deficiencies in different areas forensuring better performance.

The Committee was discontinued by the Board at itsmeeting held on March 10, 2004. The Committee metonce during the period from April 1, 2003 toMarch 10, 2004.

4.4 Committee of Directors on InformationTechnology

The Committee was constituted by the Board at itsmeeting held on April 01,2003 to discuss variousissues relating to the Information Technology in theBank. Shri A.K. Rai, Shri B.T. R. Reddy, Shri TulsiAgarwal and Shri C.M. Dixit were the members of theCommittee. The Committee was discontinued by theBoard in its meeting held on March 10,2004. Duringthe period , the Committee met on 03 occasions.

4.5 Committee of Directors on Integrated RiskManagementThe Committee was formed in the month of June 2001and its functions include overseeing all r iskmanagement activities including identifying underlyingrisks perceptions, prescribing risk assessment andquantification methodologies, fixing tolerance level forrisk exposures, guiding the line management on riskmanagement and mitigation techniques etc.

Dr. A.K. Khandelwal (Chairman of the Committee),Shri A.K. Rai, Shri B.T.R. Reddy, Shri S.C. Wadhwaand Shri C.M. Dixit were the members of theCommittee as on March 31, 2004. Dr. A.K. Khandelwalis the Chairman of the Committee. During the yearunder review, the Committee met on 03 occasions.

4.6 Committee of Directors to Monitor Non-Performing Assets

The Committee was constituted in the month of June

DeOÙe#e) uesKee hejer#ee meefceefle kesâ meomÙe nQ~ ßeer Delegue DeMeeskeâieueeb[s iewj mejkeâejer, iewj keâeÙe&heeuekeâ efveosMekeâ Skeâ meveoeruesKeekeâej nQ pees MesÙej OeejkeâeW keâe ØeefleefveefOelJe keâjles nQ~DeeueesÛÙe Je<e& kesâ oewjeve uesKee hejer#ee meefceefle keâer 12 yew"keWâDeeÙeesefpele ngFË~

4.3 ØeeLeefcekeâlee #es$e Deef«eceeW kesâ efueS efveosMekeâ ceC[ue keâermeueenkeâej meefceeflemeefceefle keâe cegKÙe keâeÙe& ØeeLeefcekeâlee #es$e Deef«eceeW ceW ngF& Øeieefle SJebefJeÅeceeve ÙeespeveeDeeW keâer meceer#ee keâjvee leLee veF& ÙeespeveeSb lewÙeejkeâjvee Deewj GvnW keâeÙee&efvJele keâjvee nw~ meefceefle ØelÙeskeâ #es$e kesâefueS efveOee&efjle keâeheexjsš ue#ÙeeW kesâ heefjØes#Ùe ceW keâeÙe&-efve<heeove keâecetuÙeebkeâve keâjleer nw~ meefceefle yesnlej keâeÙe& efve<heeove megefveef§elekeâjves kesâ efueS efJeefYevve #es$eeW keâer keâcepeesefjÙeeW SJeb mecemÙeeDeeW keâesotj keâjves nsleg efveosMe/ efoMeeefveo&sMe osleer nw leLee megOeejelcekeâGheeÙeeW keâe megPeeJe osleer nw~

efveosMekeâ ceb[ue Éeje 10 ceeÛe& 2004 keâes DeeÙeesefpele Gmekeâeryew"keâ ceW Gkeäle meefceefle keâes meceehle keâj efoÙee ieÙee~ 01 DeØewue,2003 mes 10 ceeÛe& 2004 lekeâ keâer DeJeefOe ceW Gkeäle meefceefle keâerSkeâ yew"keâ DeeÙeesefpele ngF&~

4.4 metÛevee ØeewÅeesefiekeâer hej efveosMekeâeW keâer meefceefle :

efveosMekeâ ceb[ue Éeje 01 DeØewue, 2003 keâes DeeÙeesefpele Gmekeâeryew"keâ ceW Gkeäle meefceefle keâe ie"ve yeQkeâ ves metÛevee ØeewÅeesefiekeâer mesmebyebefOele efJeefYeVe cegöeW hej efJeÛeej efJeceMe& keâjves nsleg efkeâÙee ieÙee~ßeer S.kesâ.jeÙe, ßeer yeer.šer.Deej.jsñer, ßeer leguemeer De«eJeeue Deewjßeer meer. Sce.oeref#ele Gkeäle meefceefle kesâ meomÙe Les~ 10 ceeÛe&2004 keâes DeeÙeesefpele Deheveer yew"keâ ceW efveosMekeâ ceb[ue Éeje Gkeälemeefceefle keâes meceehle keâj efoÙee ieÙee~ Fme DeJeefOe ceW Gkeäle meefceeflekeâer leerve yew"keWâ DeeÙeesefpele keâer ieF&~

4.5 mecesefkeâle peesefKece ØeyebOeve hej efveosMekeâeW keâer meefceefle

yeQkeâ ves petve, 2001 ceen ceW efveosMekeâ ceC[ue keâer mecesefkeâle peesefKeceØeyebOeve meefceefle keâe Yeer ie"ve efkeâÙee~ meefceefle kesâ keâeÙeeX ceW peesefKecemebyebOeer DeJeOeejCeeDeeW meefnle meYeer peesefKece ØeyebOeve keâeÙeeX hejefveiejeveer jKevee; peesefKece cetuÙeebkeâve Deewj peesefKece kesâ heefjceeCevekeâer keâeÙe&-efJeefOe leÙe keâjvee; peesefKece efmLeefle nsleg ceevÙe mlejefveOee&efjle keâjvee, peesefKece ØeyebOeve hej ØeyebOeve kesâ efveo&sMe DeewjpeesefKece keâce keâjves keâer lekeâveerkeâ Deeefo meceeefJe° nQ~

31ceeÛe&, 2004 keâes [e@. S. kesâ. KeC[sueJeeue (meefceefle kesâ DeOÙe#e),ßeer S. kesâ. jeÙe, ßeer yeer. šer. Deej. jsñer, ßeer Sme. meer. JeOeJeeSJeb ßeer meer. Sce. oeref#ele meefceefle kesâ meomÙe Les~ meceer#eeOeerve Je<e&kesâ oewjeve meefceefle keâer 03 yeQ"keWâ DeeÙeesefpele ngFË~

4.6 iewj—efve<heeokeâ DeeefmleÙeeW hej efveiejeveer jKeves nsleg efveosMekeâeWkeâer meefceefle

Gòeâ meefceefle keâe ie"ve 21.06.2000 keâes efkeâÙee ieÙee Lee

21,2000 and the main functions of the Committee areto periodically review the position of Non-PerformingAssets and to draw revival / rehabilitation plans inappropriate cases. It recommends suggestions /measures to be taken for reducing the NPAs. It alsoensures that the Non-Performing Assets are attendedproperly and information system is streamlined andthe rehabilitation measures are synchronized with theUnits’ progress and potential viability.

Dr. A.K. Khandelwal, Smt. Sudesh Yadav, Shri S.C.Wadhwa and Shri Manu Chadha were the membersof the Committee as on March 31, 2004. During theyear under review, the Committee met on 07 occasions.

4.7 Shareholders / Investors Grievance Committee

The Bank constituted a Shareholders / InvestorsGrievance Committee in the month of October 2001for addressing issues of Shareholders / Investors likeTransfer of Shares / Bonds, non-receipt of AnnualAccounts, non-receipt of Dividends / Interest etc.

Shri Sudhir K. Joshipura, Shri S.C. Wadhwa and ShriC.M. Dixit were the members of the Committee as onMarch 31, 2004. During the year under review, theCommittee met on 04 occasions.

4.8 Special Committee for Monitoring of Large ValueFraudsThe Bank has constituted a Special Committee tomonitor large value frauds. The tenure of theCommittee is one year i.e From January 24, 2004 toJanuary 23, 2005.Dr. A.K. Khandelwal (Chairman of the Committee),Shri A. K. Rai, Shri Tulsi Agarwal, Smt. Sudesh Yadavand Shri Manu Chadha are the members of theCommittee. During the year under review, theCommittee did not hold any meeting.

5. Committees of Executives

5.1 In-house Committee of Executives on Investmentsand Money Market Operations

The Bank has constituted an In-house Committee ofExecutives for Investment and Money MarketOperations. The said Committee reviews all the deals/ transactions and the matters relating to Investments& Funds Management transactions made during theweek and periodically gives necessary guidelines.

The Committee is chaired by Executive Director andin his absence, by the Senior most General Managerin the Committee. During the year under review, thecommittee met on 52 occasions.

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Deewj meefceefle keâe cegKÙe keâeÙe& iewj-efve<heeokeâ DeeefmleÙeeW keâerefmLeefle keâer DeeJeefOekeâ meceer#ee keâjvee leLee GheÙegkeäle ceeceueeWceW Gvekeâes Ûeeuet keâjves/Gvekesâ hegve&Jeeme keâer ÙeespeveeSb lewÙeej keâjveenw~ Jen SveheerS keâce keâjves kesâ efueS megPeeJeeW/GheeÙeeW keâer mebmlegeflekeâjleer nw~ meefceefle Ùen Yeer megefveefMÛele keâjleer nw efkeâ iewj-efve<heeokeâ DeeefmleÙeeW hej mecegefÛele OÙeeve efoÙee peeS leLee metÛeveeØeCeeueer Deemeeve SJeb Ùegefkeälemebiele yeves Deewj hegveJee&me mebyebOeerGheeÙeeW, FkeâeF& keâer Øeieefle Deewj Gmekeâer mecYeeJÙe JÙeJeneÙe&leekesâ yeerÛe leeuecesue yevee jns~

31 ceeÛe&, 2004 kesâ efove [e@. S.kesâ. KeC[sueJeeue, ßeerceleer megosMeÙeeoJe, ßeer Sme. meer. JeOeJee Deewj ßeer ceveg Ûe{d{e meefceefle kesâmeomÙe Les~ meceer#eeOeerve Je<e& kesâ oewjeve meefceefle keâer 07 yeQ"keWâDeeÙeesefpele ngFË~

4.7 MesÙejOeejkeâ / efveJesMekeâ efMekeâeÙele meefceefle

yeQkeâ ves Dekeäletyej, 2001 ceen ceW MesÙejOeejkeâeW/efveJesMekeâeW kesâefJeefYeVe ceeceueeW pewmes - MesÙejeW/yeeb[eW kesâ nmleeblejCe, Jeeef<e&keâuesKes ve efceuevee, ueeYeebMe / yÙeepe ve efceuevee Deeefo nsleg MesÙejOeejkeâ/ efveJesMekeâ efMekeâeÙele meefceefle keâe ie"ve efkeâÙee nw~

31 ceeÛe&, 2004 keâes ßeer megOeerj kesâ. peesMeerhegje, ßeer Sme. meer.JeOeJee Deewj ßeer meer. Sce. oeref#ele meefceefle kesâ meomÙe Les~ DeeueesÛÙeJe<e& kesâ oewjeve meefceefle keâer 04 yew"keWâ DeeÙeesefpele ngFË~

4.8 yeÌ[er jkeâce Jeeueer OeesKeeOeefÌ[ÙeeW hej efveiejeveer jKeves nsleg efJeMes<emeefceefle

yeQkeâ ves yeÌ[er jkeâce Jeeueer OeesKeeOeefÌ[ÙeeW hej efveiejeveer jKeves nslegSkeâ efJeMes<e meefceefle keâe ie"ve efkeâÙee nw~ Gkeäle meefceefle keâe keâeÙee&keâeue1 Je<e& DeLee&led 24.01.04 mes 23.01.05 lekeâ nw~

[e@.S.kesâ.KeC[sueJeeue (meefceefle kesâ DeOÙe#e) ßeer S.kesâ.jeÙe,ßeer leguemeer De«eJeeue, ßeerceleer megosMe ÙeeoJe Deewj ceveg Ûe{d{e Gkeälemeefceefle kesâ meomÙe nQ: meceer#eeOeerve, Je<e& kesâ oewjeve Gkeäle meefceeflekeâer keâesF& yew"keâ veneR DeeÙeesefpele ngF&~

5. keâeÙe&heeuekeâeW keâer meefceefle

5.1 efveJesMe mebyebOeer ceeceueeW Deewj cegõe yeepeej heefjÛeeueve mesmebyebefOele keâeÙe&heeuekeâeW keâer Deebleefjkeâ meefceefle

yeQkeâ ves efveJesMe mebyebOeer ceeceueeW Deewj cegõe yeepeej heefjÛeeueveeW kesâmebyebOe ceW keâeÙe&heeuekeâeW keâer Deebleefjkeâ meefceefle keâe ie"ve efkeâÙee nw~Gòeâ meefceefle mehleen kesâ oewjeve efkeâÙes ieÙes efveJesMe SJeb efveefOeØeyebOeve mebyebOeer meYeer uesve-osve ceeceueeW keâer meceer#ee keâjleer nw DeewjmeceÙe-meceÙe hej DeeJeMÙekeâ efoMeeefveoxMe Øeoeve keâjleer nw~

meefceefle keâer DeOÙe#elee keâeÙe&heeuekeâ efveosMekeâ Deewj Gvekeâer DevegheefmLeefleceW meefceefle kesâ Jeefj‰lece cene ØeyebOekeâ keâjles nQ~ DeeueesÛÙe Je<e& kesâoewjeve meefceefle keâer 52 yew"keWâ DeeÙeesefpele ngFË~

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5.2 Assets Liability Management Committee

The Bank has constituted Assets LiabilityManagement Committee (ALCO) with ExecutiveDirector as Chairman of the Committee and in hisabsence, by senior most General Manager in theCommittee. The functions of the Committee inter-alia, includes overseeing risk management, interestrate sensitivity of assets and liabilities and fixation ofinterest rates etc.

The functional General Managers and otherexecutives from the Head Office are other membersof the Committee. During the year under review, theCommittee met on 12 occasions to discuss and reviewthe progress of ALM implementation in the Bank.

5.3 In-House Share Transfer Committee

The Bank has constituted an In-House Share TransferCommittee of the executives of the Bank for approvingthe Share Transfer, which are processed by the ShareTransfer Agents of the Bank. The Committee alsoperiodically reviews the progress of the Dematposition and movement in Share prices of the Bank.

General Manager (Accounts, Treasury and RiskManagement), Chief Manager (Legal), Chief Manager(Board Secretariat) and Senior Manager (IRC & CSD)are the members of the Committee. General Manager(Accounts, Treasury and Risk Management) is theChairman of the Committee. During the year underreview, the Committee met on 23 occasions.

5.4 Internal Committee of Executives on Premises

The Internal Committee of Executives was constitutedon September 01, 1994 as per approval of the Boardof Directors and the Committee is reconstituted fromtime to time. The main functions of the Committeerelates to premises of the Bank such as acquisitionof leased premises, renewal of lease and surrenderof leased premises etc.

Chairman & Managing Director, Executive Director(presently post vacant), General Manager (Planning),General Manager (Credit), Deputy General Manager(Legal), Deputy General Manager (GAD) andAssistant General Manager (GAD) are the membersof the Committee. Chairman & Managing Director isthe Chairman of the Committee. During the yearunder review, the Committee met on 10 occasions.

6. Remuneration of Directors

The Chairman & Managing Director and theExecutive Director are paid salary / remuneration asper extant guidelines of the Government of India andare not paid sitting fees for attending the Board andother Committee meetings of the Bank. All other

5.2 Deeefmle osÙelee ØeyebOeve meefceefle

yeQkeâ ves Deeefmle osÙelee ØeyebOeve meefceefle (SSuemeerDees) keâe ie"veefkeâÙee nw~ keâeÙe&heeuekeâ efveosMekeâ Deewj Gvekeâer DevegheefmLeefle ceWmeefceefle ceW Meeefceue Jeefj‰lece ceneØeyebOekeâ keâer DeOÙe#elee ceWmeefceefle kesâ keâeÙeeX ceW DevÙe yeeleeW kesâ meeLe—meeLe peesefKece ØeyebOeve,Deeefmle SJeb osÙeleeDeeW keâer yÙeepeoj mebJesoveerÙelee hej efveiejeveerjKevee SJeb yÙeepe ojeW Deeefo keâe efveOee&jCe meefccefuele nw~

keâeÙee&lcekeâ ceneØeyebOekeâ SJeb ØeOeeve keâeÙee&ueÙe kesâ DevÙe keâeÙe&heeuekeâmeefceefle kesâ meomÙe nQ~ DeeueesÛÙe Je<e& kesâ oewjeve yeQkeâ ceWSSueSce keâeÙee&vJeÙeve ceW Øeieefle mebyebOeer efJeÛeej-efJeceMe& SJebmeceer#ee keâjves nsleg meefceefle keâer 12 yew"keWâ DeeÙeesefpele ngFË~

5.3 Deebleefjkeâ MesÙej š^ebmeHeâj meefceefle

yeQkeâ ves Gve MesÙejeW kesâ š^ebmeHeâj keâe Devegceesove keâjves kesâ efueSyeQkeâ kesâ keâeÙe&heeuekeâeW keâer Deebleefjkeâ MesÙej š^ebmeHeâj meefceefle keâeie"ve efkeâÙee nw, pees yeQkeâ kesâ MesÙej š^ebmeHeâj SpeWšeW ÉejemebmeeefOele efkeâÙes peeles nw~ meefceefle meceÙe-meceÙe hej yeskeâe]iepeerkeâjCekeâer efoMee ceW ngF& Øeieefle keâer efmLeefle Deewj yeQkeâ kesâ MesÙejeW kesâcetuÙeeW ceW ngF& Ieš-yeÌ{ keâer Yeer meceer#ee keâjleer nw~

ceneØeyebOekeâ (uesKee / Kepeevee SJeb peesefKece ØeyebOeve), cegKÙeØeyebOekeâ (efJeefOe), cegKÙe ØeyebOekeâ ( ceb[ue meefÛeJeeueÙe) Jeefj‰ØeyebOekeâ (DeeF&Deejmeer Deewj meerSme[er) meefceefle kesâ meomÙe nQ~cene ØeyebOekeâ (uesKee / Kepeevee SJeb peesefKece ØeyebOeve) Gòeâmeefceefle kesâ DeOÙe#e nQ~ DeeueesÛÙe Je<e& kesâ oewjeve meefceefle keâer23 yew"keWâ mebheVe ngFË~

5.4 heefjmej mebyebOeer ceeceueeW hej keâeÙe&heeuekeâeW keâer Deebleefjkeâ meefceeflekeâeÙe&heeuekeâeW keâer Deebleefjkeâ meefceefle keâe ie"ve efveosMekeâ ceb[uekesâ Devegceesove kesâ Devegmeej 01/9/1994 keâes efkeâÙee ieÙee LeeDeewj meefceefle keâe meceÙe-meceÙe hej hegveie&"ve efkeâÙee peelee nw~meefceefle kesâ cegKÙe keâeÙe& yeQkeâ kesâ heefjmejeW pewmes heóeke=âle heefjmejeWkeâe DeefOe«enCe, heóe veJeerkeâjCe Deewj heóeke=âle heefjmejeW keâesJeeheme ueewševes mes mebyebefOele nesles nQ~

DeOÙe#e SJeb ØeyebOe efveosMekeâ, keâeÙe&heeuekeâ efveosMekeâ (Fme meceÙe heoefjòeâ), ceneØeyebOekeâ (DeeÙeespevee), ceneØeyebOekeâ (meeKe), GheceneØeyebOekeâ (efJeefOe), Ghe ceneØeyebOekeâ (peerS[er) Deewj meneÙekeâceneØeyebOekeâ (peerS[er) meefceefle kesâ meomÙe nQ~ DeOÙe#e SJeb ØeyebOeefveosMekeâ meefceefle kesâ DeOÙe#e nQ~ DeeueesÛÙe Je<e& kesâ oewjeve meefceeflekeâer 10 yew"keWâ mebheVe ngF&~

6. efveosMekeâeW kesâ heeefjßeefcekeâ :

DeOÙe#e SJeb ØeyebOe efveosMekeâ Deewj keâeÙe&heeuekeâ efveosMekeâ keâes Yeejlemejkeâej kesâ Jele&ceeve efoMeeefveoxMeeW kesâ Devegmeej mebJesleve/heeefjßeefcekeâkeâer DeoeÙeieer keâer peeleer nw leLee yeQkeâ kesâ efveosMekeâ ceb[ue SJeb DevÙemeefceefleÙeeW keâer yew"keâeW ceW GheefmLele jnves kesâ efueS efkeâmeer Øekeâej kesâyew"keâ Megukeâ keâer DeoeÙeieer veneR keâer peeleer~ YeejleerÙe efjpeJe& yeQkeâkesâ veeefceefle efveosMekeâ leLee mejkeâejer efveosMekeâ keâes ÚesÌ[keâj meYeer

Non-Executive Directors except RBI nomineeDirector & Govt. Director were paid sitting fees ofRs.1000/- for attending each Board Meeting andRs.500/- each for attending any other Committeemeeting respectively. Government of India w.e.f15th January, 2004 has revised sitting fees payableto the Directors from Rs.1000/- to Rs.5,000/- forattending each Board Meeting and from Rs.500/- toRs.2,500/- for attending any other committee meetingrespectively.All the Non-Executive Directors are also reimbursedthe expenses incurred by them towards conveyance,travelling, halting etc. for attending the meetings inaddition to sitting fees as mentioned above. Allmatters relating to remuneration of Non-ExecutiveDirectors are governed by the provisions containedin The Nationalised Banks (Management &Miscellaneous Provisions) Scheme, 1970.

7. General Body Meetings

The details of the last three Annual General Meetingsare given as below :

Details of the Date & Time VenueMeetingSeventh Annual Friday, Auditorium,General Meeting 8th August, 2003 Sir Sorabji

at 4.00 p.m. PochkhanawalaBankers’ TrainingCollege, J.V.P.D.Scheme, Vile Parle (W),Mumbai-400 056

Sixth Annual Friday, Auditorium,General Meeting 12th July,2002 Sir Sorabji

at 3.00 p.m. PochkhanawalaBankers’ TrainingCollege, J.V.P.D.Scheme, Vile Parle (W),Mumbai-400 056

Fifth Annual Thursday, Yashwant Rao ChavanGeneral Meeting 26th July, 2001 Auditorium, Sachivalaya,

at 3.00 p.m. Mumbai-400 021

Pursuant to the provisions of The Banking Companies(Acquisition and Transfer of Undertakings) Act, 1970,an Extraordinary General Meeting of the Bank washeld on.

(a)18.01.2003 for election of four directors fromamongst shareholders other than the CentralGovernment.

(b) 25.11.2003 for seeking consent for Second PublicIssue of the Equity Shares.

8. Disclosures:

a. There have been no significant related partytransactions, pecuniary transactions or relationship

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DevÙe iewj-keâeÙe&heeuekeâ efveosMekeâeW keâes yeQkeâ kesâ efveosMekeâ ceb[ue keâerØelÙeskeâ yew"keâ ceW Yeeie uesves kesâ efueS ®. 1000/- Deewj DevÙemeefceefleÙeeW keâer ØelÙeskeâ yew"keâ ceW Yeeie uesves kesâ efueS ®. 500/- keâeYegieleeve yew"keâ Megukeâ kesâ ¤he ceW efkeâÙee peelee nw~ Yeejle mejkeâejves 15 peveJejer, 2004 mes eqveosMekeâeW keâes osÙe yew"keâ Megukeâ keâesmebMeesefOele keâjles ngS efveosMekeâ ceb[ue keâer ØelÙeskeâ yew"keâ ceW GheefmLelejnves kesâ efueS ®.1000/- kesâ mLeeve hej ®.5000/- Deewj efkeâmeerDevÙe meefceefle keâer yew"keâ ceW GheefmLele jnves kesâ efueS ®. 500/- kesâmLeeve hej ®.2500/-keâj efoÙee nw~

meYeer iewj-keâeÙe&heeuekeâ efveosMekeâeW keâes GheÙeg&òeâ ÙeLee GefuueefKeleyew"keâ Megukeâ kesâ Deefleefjòeâ yew"keâeW ceW Yeeie uesves kesâ efueS GvekesâÉeje meJeejer, Ùee$ee, efJejece Deeefo hej efkeâÙes ieS KeÛe& keâer Øeeflehetefle&keâer peeleer nw~ iewj—keâeÙe&heeuekeâ efveosMekeâeW kesâ heeefjßeefcekeâ mesmebyebefOele meYeer ceeceues je°^erÙeke=âle yeQkeâ (ØeyebOeve SJeb efJeefJeOeØeeJeOeeve) Ùeespevee, 1970 ceW meceeefJe° ØeeJeOeeveeW Éeje DeefOeMeeefmeleefkeâÙes peeles nQ~

7. meeOeejCe meYee

efJeiele leerve Jeeef<e&keâ meeOeejCe yew"keâeW keâe yÙeewje Ùeneb veerÛes efoÙeeieÙee nw:

yew"keâ keâe leejerKe Je meceÙe mLeueyÙeewje

meeleJeeR Jeeef<e&keâ Meg›eâJeej, 8 Deiemle,2003 meYeeie=n, mejmeeOeejCe meYee Dehejevn 4.00 yepes meesjeyepeer

heesÛeKeeveeJeeueeyeQkeâme& šsefvebie keâe@uespepes.Jeer.heer.[er. mkeâerce,efJeuesheeuex (heef§ece),cegbyeF& - 400 056.

Ú"eR Jeeef<e&keâ Meg›eâJeej, 12 pegueeF&, 2002 meYeeie=n, mejmeeOeejCe meYee Dehejevn 3.00 yepes meesjeyepeer

heesÛeKeeveeJeeueeyeQkeâme& šsefvebie keâe@uespepes.Jeer.heer.[er. mkeâerce,efJeuesheeuex (heef§ece),cegbyeF& - 400 056.

heebÛeJeer Jeeef<e&keâ ieg®Jeej, 26 pegueeF&, 2001 ÙeMeJeblejeJe Ûe£eCemeeOeejCe meYee Dehejevn 3.00 yepes meYeeie=n, meefÛeJeeueÙe

cegbyeF& - 400 021

yeQefkebâie keâcheveer (Ghe›eâceeW keâe Depe&ve Deewj DeblejCe) DeefOeefveÙece,1970 kesâ ØeeJeOeeveeW kesâ DevegmejCe ceW yeQkeâ keâer DemeeOeejCe meeceevÙemeYee DeeÙeesefpele keâer ieF&~keâ) 18 peveJejer 2003 keâes kesâvõerÙe mejkeâej mes efYeVe MesÙejOeejkeâeWceW mes Ûeej efveosMekeâeW keâe ÛegveeJe keâjvee~

Ke) 25 veJecyej, 2003 keâes FefkeäJešer MesÙejeW kesâ otmejs heefyuekeâ FMÙetnsleg menceefle Øeehle keâjvee~

8. Øekeâšve(keâ) 31 ceeÛe& 2004 keâes meceehle efJeòe Je<e& ceW yeQkeâ Deewj Gmekesâ

efveosMekeâeW kesâ yeerÛe efkeâmeer Øekeâej keâe cenòJehetCe& mebyebefOele

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between the Bank and its Directors for the yearended March 31, 2004 that may have a potentialconflict with the interest of the Bank at large.

b. There were no cases of non-compliance by theBank and no penalties/strictures were enforcedon the Bank by Stock Exchange / SEBI or anyother statutory authority on any matter related tothe capital markets during the last three yearsexcept in the year 2001-02, Securities andExchange Board of India (SEBI) has, underRegulations 28 (3) of the SEBI (Bankers to anIssue) Regulations,1994 issued a warning to theBank to exercise more care and diligence in itsdealings as Banker to Issue. The warning wasissued for non-compliance of the regulations inthe public issue of M/s. Saket Extrusion Limited in1994, wherein the Bank was one of the Bankersto the Issue.

c. Pursuant to Regulation 12 (1) of the SEBI(Prohibition of Insider Trading) Regulations,1992as amended, the Bank has implemented a Codeof Internal Procedure and conduct for preventionof insider trading and also laid down the procedurefor Corporate Disclosures for prevention of InsiderTrading in the securities of the Bank.

9. Share Transfer System and Redressal of InvestorGrievances.

The Bank has appointed M/s. Sharepro Services asShare Transfer Agents of the Bank and the ShareTransfers / Transmission, Dividend payments and allother investors related matters are attended to andprocessed at the office of Share Transfer Agents ofthe Bank. The Share Transfer Agents, after processingthe requests of investors, put the same to ShareTransfer Committee of the Executives of the Bankwhich approves the Transfer / Transmission etc. ofShares of the Bank.

The Bank, as an issuer, has entered into agreementswith NSDL and CDSL for Dematerialisation of Shares.The Shares of the Bank are under compulsory Demat.In terms of SEBI guidelines, the Share Transfer Agentsof the Bank is also extending the facility of Transfer-cum-Dematerialisation to Shareholders of the Bank.

Shareholders may lodge their Transfer Deeds and anyother document, including complaints at any of thefollowing addresses of Registrar & Share TransferAgent of the Bank and/or Bank’s Investor RelationsCentre :

he#e kesâ uesveosve, DeeefLe&keâ uesve-osve Ùee mebyebOe keâer Ssmeer keâesF&Iešvee veneR ngF&, efpemekeâe JÙeehekeâ ¤he mes yeQkeâ kesâ efnleeW kesâmeeLe mebYeeJÙe škeâjeJe nes~

(Ke) yeQkeâ Éeje iewj Devegheeueve mes mebyebefOele keâesF& ceeceuee ØekeâeMeceW veneR DeeÙee nw leLee MesÙej yeepeej/mesyeer Ùee efkeâmeer DevÙemeebefJeefOekeâ ØeeefOekeâjCe Éeje Je<e& 2001-2002 ceW ngF& Iešveekeâes ÚesÌ[keâj efheÚues leerve Je<eeX kesâ oewjeve heBtpeeryeepeejeW mesmebyebefOele efkeâmeer Yeer ceeceues ceW yeQkeâ hej efkeâmeer Øekeâej keâepegcee&vee/Dee#eshe veneR ueieeÙee ieÙee; YeejleerÙe ØeefleYetefle SJebefJeefveceÙe yees[& (mesyeer) ves mesyeer (efkeâmeer efveie&ce yeQkeâj) efJeefveÙece1994 kesâ efJeefveÙece 28(3) kesâ lenle yeQkeâ keâes efkeâmeer efveie&ceyeQkeâj kesâ ¤he ceW Deheves keâeÙe&-JÙeJenej kesâ mebyebOe ceW DeewjDeefOekeâ meeJeOeeveer SJeb lelhejlee yejleW peeves keâer ÛesleeJeveeroer Leer~ Gkeäle ÛesleeJeveer 1994 ceW cesmeme& meekesâle SkeämešÍpeveefueefcešs[ kesâ meeJe&peefvekeâ efveie&ce ceW efJeefveÙeceeW keâe Devegheeueveve efkeâS peeves kesâ efueS oer ieF& Leer~efpemeceW yeQkeâ Gkeäle efveie&cekesâ yeQkeâjeW ceW mes Skeâ Lee~

(ie) ÙeLee mebMeesefOele mesyeer (YesefoÙee JÙeeheej efve<es#e) (efJeefveÙece1992 kesâ efJeefveÙece 12 (1) kesâ DevegmejCe ceW yeQkeâ ves YesefoÙeeJÙeeheej keâes jeskeâves kesâ efueS Deevleefjkeâ keâeÙe&efJeefOe SJeb DeeÛejCemebefnlee keâe keâeÙee&vJeÙeve efkeâÙee nw leLee yeQkeâ keâer ØeefleYetefleÙeeWceW Deevleefjkeâ JÙeeheej keâes jeskeâves kesâ efueS keâeheexjsš Øekeâšvensleg keâeÙe&efJeefOe Yeer efveOee&efjle keâer nw~

9. MesÙej nmleeblejCe heæefle Deewj efveJesMekeâeW keâer efMekeâeÙeleeW keâeefveJeejCeyeQkeâ ves cewmeme& MesÙej Øees meefJe&mespe keâes yeQkeâ kesâ MesÙej š^ebmeHeâjSpeWš kesâ ¤he ceW efveÙegòeâ efkeâÙee nw Deewj MesÙej nmleeblejCe/Øes<eCe, ueeYeebMe Yegieleeve Deewj efveJesMekeâ mebyebOeer DevÙe meYeerkeâeÙe& nceejs jefpemš^ej SJeb š^ebmeHeâj SpeWš kesâ keâeÙee&ueÙe ÉejeefkeâÙes peeles nQ~ MesÙej š^ebmeHeâj SpeWš efveJesMekeâeW kesâ DevegjesOeeWhej keâej&JeeF& keâjves kesâ yeeo GvnW yeQkeâ kesâ keâeÙe&heeuekeâeW keâerMesÙej š^ebmeHeâj meefceefle kesâ mece#e jKelee nw Deewj Jen meefceefleMesÙejeW kesâ nbmleeblejCe/Øes<eCe keâe Devegceesove keâjleer nw~

yeQkeâ ves peejerkeâlee& kesâ ¤he ceW Sve Sme [er Sue Deewj meer [er SmeSue kesâ meeLe MesÙejeW kesâ yeskeâeiepeerkeâjCe nsleg keâjej efkeâÙee nw~yeQkeâ kesâ MesÙej mebmLeeiele efveJesMekeâeW Deewj meYeer efveJesMekeâeW kesâDeOeerve nQ~ mesyeer kesâ ceeie&oMeea efmeæebleeW kesâ Devegmeej yeQkeâ keâejefpemšej SJeb šebmeHeâj SpeWš yeQkeâ kesâ MesÙejOeejkeâeW keâes šebmeHeâj-keâce-yeskeâeiepeerkeâjCe keâer megefJeOee Yeer Øeoeve keâj jne nw~

MesÙejOeejkeâ Deheves š^ebmeHeâj efJeuesKe Deewj efMekeâeÙele meefnleDevÙe meYeer ØeuesKe yeQkeâ kesâ jefpemš^ej SJeb š^ebmeHeâj SpeWš Deewj/Ùee yeQkeâ kesâ efveJesMekeâ mebheke&â kesâvõ kesâ efvec>efueefKele heles hej Yespemekeâles nQ :

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

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M/s. Sharepro Services, Dena BankUnit-Dena Bank, Investor Relations CentreSatam Estate, 3rd Floor, Maker Towers ‘E’ 10th Floor,Above Bank of Baroda, Cuffe Parade, Colaba,Cardinal Gracious Road, Mumbai-400 005Chakala, Andheri (East),Mumbai- 400 099.

As on March 31, 2004, no complaints /correspondences from Shareholders were pending.The Bank has responded / replied to all the complaints/ correspondences from the Shareholders, howeverin some cases, further correspondences/ compliancesfrom the shareholders were awaited.

10. Financial Calendar

Financial Year April 1, 2004 to 31st March, 2005

Board Meeting for consideringthe Accounts and recommendationof dividend, if any 07/05/2004

Dates of Book Closures 10/06/2004 to17/06/2004

Last date for receipt of proxy form 12/06/2004

Date of Eighth AnnualGeneral Meeting 17/06/2004

Board Meeting for taking Within one monthon record the Quarterly from end of eachresults of the Bank quarter

11. General Shareholder informationDate, Venue of June 17,2004 at 3.00 P.MEighth Annual Auditorium,General Meeting Sir Sorabji Pochkhanawala

Bankers’ Training College,J.V.P.D. Scheme,Vile Parle (West),Mumbai- 400 056

Listed on Stock Mumbai, Ahmedabad,Exchanges Delhi & National Stock

ExchangeStock Code DenaRegistrar & M/s. Sharepro Services,Transfer Agent Satam Estate, 3rd Floor,

Above Bank of Baroda,Cardinal Gracious Road,Chakala, Andheri (East),Mumbai- 400 099.

Status of Demat Compulsory dematMeans of Communication Quarterly Results/Half Yearly/

Annual Results arepublished in one FinancialNewspaper and one

cewmeme& MesÙejØees meefJe&mespe, efveJesMekeâ mecheke&â kesâvõÙetefveš - osvee yeQkeâ osvee yeQkeâ,meešce Fmšsš, 3jer cebefpeue, 10 JeeR cebefpeue,yeQkeâ Dee@Heâ yeÌ[ewoe kesâ Thej, ceskeâj šeJeme&, ‘F&’,keâeef[&veue «esefmeÙeme jes[, Ûekeâeuee, keâHeâ hejs[, keâesueeyee,DebOesjer (hetJe&), cegbyeF& - 400 099. cegbyeF& - 400 005.

31 ceeÛe&, 2004 kesâ efove MesÙejOeejkeâeW keâer keâesF& Yeer efMekeâeÙele

/ he$eeÛeej uebefyele veneR nw~ yeQkeâ ves MesÙejOeejkeâeW keâer meYeer efMekeâeÙeleeW

/ he$eeÛeej keâe efveheševe/Gòej os efoÙee nw leLee kegâÚ ceeceueeW ceW

MesÙejOeejkeâeW mes he$eeÛeej / Devegheeueve keâer Øeleer#ee Leer~

10. efJeòeerÙe kewâuesC[j

efJeòeerÙe Je<e& 01 DeØewue, 2004 mes 31 ceeÛe&, 2005

efJeòeerÙe uesKeeW Deewj ueeYeebMe osves,Ùeefo keâesF& nes, hej efJeÛeej keâjves kesâefueS ceC[ue keâer yew"keâ 7 ceF&, 2004

yener yebo jKeves keâer leejerKe 10.06.2004 mes 17.06.2004

Øeekeämeer Heâece& Øeehle keâjves keâer Debeflece leejerKe 12/06/2004

Dee"JeeR Jeeef<e&keâ meeOeejCe yew"keâ keâer leejerKe 17/06/2004

yeQkeâ kesâ efleceener keâeÙe& heefjCeeceeW ØelÙeskeâ efleceener kesâkeâes efjkeâe[& ceW uesves kesâ efueS efveosMekeâ meceehle nesves kesâceC[ue keâer yew"keâ Skeâ ceen kesâ Yeerlej

11. MesÙej OeejkeâeW kesâ efueS meeceevÙe metÛevee :

Dee"JeeR Jeeef<e&keâ meeOeejCe 17 petve 2004 keâes Dehejevn 3.00meYee keâer leejerKe Je mLeue yepes, mej meesjeyepeer heesÛeKeeveeJeeuee

yeQkeâme& š^sefvebie keâe@uespe keâe meYeeie=n,pes.Jeer.heer.[er. mkeâerce,efJeuesheeuex (heef§ece),cegbyeF& - 400 056.

mše@keâ SkeämeÛeWpe ceW cegbyeF&, Denceoeyeeo, efouueermetÛeeryeælee Deewj vesMeveue mše@keâ SkeämeÛeWpe

mše@keâ keâes[ osvee

jefpemš^ej SJeb š^ebmeHeâj cewmeme& MesÙejØees meefJe&mes]pe,SpeWš meešce Fmšsš, 3 jer cebefpeue,

yeQkeâ Dee@Heâ yeÌ[ewoe kesâ Thej,keâeef[&veue «esefmeÙeme jes[, Ûekeâeuee,DebOesjer (hetJe&), cegbyeF& - 400 099

yeskeâeiepeerkeâjCe keâer efmLeefle DeefveJeeÙe&le: yeskeâeiepeerkeâjCe

mebØes<eCe keâe meeOeve efleceener/Úceener/Jeeef<e&keâ heefjCeeceSkeâ efJeòeerÙe meceeÛeej he$e Deewj Skeâ

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Regional Language Newspaper.Shareholding Pattern isdisplayed on website of theBank i.e. www.denabank.com

Compliance Officer’s Shri Ajit KumarName, Designation Company Secretary,and Address Investor Relations Centre,

Dena Bank, Head Office,10th Floor, Maker Towers ‘E’Cuffe Parade, Colaba,Mumbai- 400 005

12. Shareholding Pattern as on March 31, 2004

The Equity shares of the Bank are listed on Mumbai,Delhi, Ahmedabad and National Stock Exchange ofIndia. The Bank has paid the Annual Listing Fees tothese Stock Exchanges before April 30, 2004. Theshareholding pattern of the Bank as on March 31,2004 is as follows :

S/No. Category of the Nos of Shares held % of shares

Shareholders holding

A. Promoter’s holding

1. Promoters

-Indian Promoters 14,68,20,000 70.99

(Government of India)

-Foreign Promoters Nil Nil

2. Persons acting in concert - -

Sub Total 14,68,20,000 70.99

B. Non Promoters Holding

3. Institutional Investors

a. Mutual Funds & UTI 400 -

b. Banks, Financial Institutions,

Insurance Companies

( Central / State Govt. 1,52,95,197 7.40

Institutions/Non-

government Institutions)

c. FIIs - -

Sub Total 1,52,95,597 7.40

4. Others

a. Private Corporate Bodies 71,84, 094 3.47

b. Indian Public 3,68,27,622 17.81

c. NRIs/Foreign Co/OCBs 6,91,587 0.33

d. Any other (Trust) 4,300 0.00

Sub Total 4,47,07,603 21.61

GRAND TOTAL 20,68,23,200 100.00

#es$eerÙe Yee<ee kesâ meceeÛeej he$e ceWØekeâeefMele efkeâS peeles nQ~ MesÙejOeeefjleehewšve& keâes yeQkeâ keâer JesyemeeFš DeLee&ledwww.denabank.com hej ØeoefMe&leefkeâÙee peelee nw~

Devegheeuevekeâlee& DeefOekeâejer ßeer Depeerle kegâceejkeâe veece, heoveece Je helee keâcheveer meefÛeJe,

efveJesMekeâ mecheke&â kesâvõosvee yeQkeâ, 10 JeeR cebefpeue,ceskeâj šeJeme&, ‘F&’,keâHeâ hejs[, keâesueeyee,cegbyeF& - 400 005

12. 31 ceeÛe& 2004 keâes MesÙejOeeefjlee keâe mJe¤he

yeQkeâ kesâ FefkeäJešer MesÙej cebgyeF&, efouueer, Denceoeyeeo Deewj YeejleerÙeje°^erÙe mše@keâ SkeämeÛeWpe ceW metÛeeryeæ nQ~ yeQkeâ ves Fve mše@keâSkeämeÛeWpeeW keâes Jeeef<e&keâ metÛeeryeælee Megukeâ 30 DeØewue, 2004 meshenues Deoe keâj efoÙee nw~ 31 ceeÛe&, 2004 keâes yeQkeâ keâerMesÙejOeeefjlee keâe mJe¤he efvecveevegmeej nw :

›eâceebkeâ MesÙejOeejkeâesb keâer ßesCeer Oeeefjle MesÙejeW Oeeefjle MesÙejeWkeâer mebKÙee keâe ØeefleMele

keâ ØeJele&keâ Oeeefjlee

1. ØeJele&keâ- YeejleerÙe ØeJele&keâ (Yeejle mejkeâej) 14,68,20,000 70.99- efJeosMeer ØeJele&keâ MetvÙe MetvÙe

2. kebâmeš& ceW keâeÙe&jle JÙeefòeâ - -Ghe—Ùeesie 14,68,20,000 70.99

Ke. iewj ØeJele&keâ Oeeefjlee

3. mebmLeeiele efveJesMekeâkeâ. heejmheefjkeâ efveefOeÙeeb SJeb 400 -

YeejleerÙe Ùetefveš š^mšKe. yeQkeâ, efJeòeerÙe mebmLeeSb, 1,52,95,197 7.40

yeercee kebâheefveÙeeb, (kesâvõerÙe/jepÙemejkeâejeW keâer mebmLeeSb/iewj mejkeâejer mebmLeeSb)

ie. efJeosMeer mebmLeeiele efveJesMekeâ - -

Ghe—Ùeesie 1,52,95,197 7.404. DevÙekeâ. ØeeFJesš keâejheesjsš efvekeâeÙe 71,84,094 3.47Ke. YeejleerÙe pevelee 3,68,27,622 17.81ie. Deefve. YeejleerÙe / efJeosMeer kebâ./ 6,91,587 0.33

efJeosMeer keâejheesjsš efvekeâeÙeIe. DevÙe keâesF& (š^mš) 4,300 0.00

Ghe—Ùeesie 4,47,07,603 21.61cene Ùeesie 20,68,23,200 100.00

13. Shareholders holding more than 01% of the Bank’sshares as on 31-03-2004

S/No. Names of No. of shares held % ofShareholders holding

01. Promoters Holdinga. Government of India 14,68,20,000 70.9902. Non Promoters HoldingA. Banks, Financial Institutions,

Insurance Companies (Central/State Govt. Institutions/NonGovernment Institutions)

(i) Life Insurance Corporation 37,77,300 1.83of India

(ii) Bank of Baroda 26,47,800 1.28(iii) Bank of India 28,49.400 1.38

14. Shares Price and Volume of Shares traded on NSE

Period Highest Lowest Volume ofRs. Rs. shares traded

April, 2003 16.75 11.90 1830107

May, 2003 21.00 13.70 8056912

June, 2003 20.55 16.55 4494780

July, 2003 21.50 18.10 8376634

August, 2003 22.40 18.55 5370614

September, 2003 21.35 15.00 3205365

October, 2003 28.15 17.00 18859349

November, 2003 29.45 25.00 8530425

December, 2003 36.00 26.10 10573142

January, 2004 34.50 26.00 17406365

February, 2004 32.00 26.40 6997688

March, 2004 29.85 23.15 4783247

Highest during the year Rs.36.00

Lowest during the year Rs. 11.90

15. Distribution of Shareholding as on March 31,2004

Description No. of % to total No. of % to total(No of Shares) Share Share Shares Share

holders holders holdingUpto 500 89796 90.26 20091129 9.70501 to 1000 5835 5.86 5043972 2.441001 to 2000 2103 2.11 3289144 1.592001 to 3000 593 0.60 1562918 0.763001 to 4000 258 0.26 930753 0.454001 to 5000 273 0.27 1297883 0.635001 to 10000 332 0.33 2495670 1.21Above 10000 305 0.31 172111731 83.22TOTAL 99495 100.00 206823200 100.00

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

48

13. 31.03.2004 kesâ efove yeQkeâ kesâ 01% mes DeefOekeâ MesÙej jKevesJeeues MesÙejOeejkeâ

›eâceebkeâ MesÙejOeejkeâeW kesâ veece Oeeefjle MesÙejeW Oeeefjleekeâer mebKÙee keâe ØeefleMele

01 ØeJele&keâ Oeeefjleekeâ. Yeejle mejkeâej 14,68,20,000 70.9902 iewj ØeJele&keâ Oeeefjleekeâ. yeQkeâ, efJeòeerÙe mebmLeeSb, yeercee

keâcheefveÙeeb (kesâvõerÙe/jepÙe mejkeâejeW keâermebmLeeSb / iewj mejkeâejer mebmLeeSb)

(i) YeejleerÙe peerJeve yeercee efveiece 37,77,300 1.83(ii) yeQkeâ Dee@Heâ yeÌ[ewoe 26,47,800 1.28(iii) yeQkeâ Dee@Heâ Fbef[Ùee 28,49,400 1.38

14. Sve Sme F& kesâ ceeOÙece mes Kejeros / yesÛes ieÙes MesÙejeW keâer mebKÙeeDeewj keâercele

DeJeefOe DeefOekeâlece efvecvelece Kejeros/yesÛes ieÙes¤. ¤. MesÙejeW keâer cee$ee

DeØewue, 2003 16.75 11.90 1830107ceF&, 2003 21.00 13.70 8056912petve, 2003 20.55 16.55 4494780pegueeF&, 2003 21.50 18.10 8376634Deiemle, 2003 22.40 18.55 5370614efmelecyej, 2003 21.35 15.00 3205365Dekeäletyej, 2003 28.15 17.00 18859349veJecyej, 2003 29.45 25.00 8530425efomecyej, 2003 36.00 26.10 10573142peveJejer, 2004 34.50 26.00 17406365HeâjJejer, 2004 32.00 26.40 6997688ceeÛe&, 2004 29.85 23.15 4783247Je<e& kesâ oewjeve DeefOekeâlece ®. 36.00Je<e& kesâ oewjeve vÙetvelece ®. 11.90

15. 31 ceeÛe&, 2004 keâes MesÙejOeeefjlee keâe efJelejCe

efJeJejCe MesÙejOeejkeâeW kegâue MesÙej MesÙejeW keâer kegâue MesÙej(MesÙejeW keâer keâer mebKÙee OeejkeâeW ceW mebKÙee Oeeefjlee ceW mebKÙee) Gvekeâe % Gvekeâe %500 lekeâ 89796 90.26 20091129 9.70501 mes 1000 5835 5.86 5043972 2.441001 mes 2000 2103 2.11 3289144 1.592001 mes 3000 593 0.60 1562918 0.763001 mes 4000 258 0.26 930753 0.454001 mes 5000 273 0.27 1297883 0.635001 mes 10000 332 0.33 2495670 1.2110000 mes DeefOekeâ 305 0.31 172111731 83.22kegâue 99495 100.00 206823200 100.00

keâehees&jsš DeefYeMeemeveCORPORATE GOVERNANCE

49

Auditors' Certificate onCorporate Governance

ToThe Board of Directors,Dena Bank,Maker Towers ‘E’, 10th Floor,Cuffe Parade, Colaba,Mumbai- 400 005

Re : Auditors’ Certificate on Corporate Governance

We have examined the compliance of the conditions ofCorporate Governance by Dena Bank for the year endedMarch 31, 2004, as stipulated in clause 49 of the ListingAgreements of the said Bank entered into with variousStock Exchanges i.e. Mumbai, National Stock Exchange(NSE), Ahmedabad and Delhi Stock Exchange.

The compliance of the conditions of corporate governanceis the responsibility of the management. Our examinationwas limited to the procedures and implementation thereof, adopted by the Bank for ensuring the compliance of theconditions of the Corporate Governance. It is neither anaudit nor an expression of opinion of the financial statementof the Bank.

We certify that, in our opinion, and to the best of ourinformation and according to explanations given to us, theBank has complied with the conditions of CorporateGovernance as stipulated in the above mentioned listingagreements except that the Company Secretary of theBank is not acting as Secretary to the Audit Committee.

We state that no investor grievances are pending for aperiod exceeding one month against the Bank as per thecertificate of the Registrar and Transfer Agent of the Bank.

We further state that such compliance is neither anassurance as to the future viability of the Bank nor theefficiency or effectiveness with which the management hasconducted the affairs of the Bank.

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nce Ùen Yeer keânvee Ûeenles nQ efkeâ Ssmee Devegheeueve ve lees yeQkeâ keâerYeeJeer JÙeJeneÙe&lee kesâ ¤he ceW DeeÕeemeve nw Deewj ve ner GmekeâeÙe&#ecelee Deewj ØeYeeJeelcekeâlee keâe, efpemes ØeyevOeve Jeie& ves yeQkeâkesâ keâecekeâepe kesâ efueS efkeâÙee nw~

For M/s. Ray & Co. For M/s. B.K. Khare & Co. For M/s. S. Jaykishan.Chartered Accountants Chartered Accountants Chartered Accountants

S. Roy Santosh Parab Sunirmal ChatterjeePartner Partner Partner

For M/s. Khandelwal Kakani & Co. For M/s. Gandhi Minocha & Co. For M/s. Bhudladia & Co.Chartered Accountants Chartered Accountants Chartered Accountants

Niranjan C. Purandare Bhupinder Singh Gautam JainPartner Partner Partner

Place : MumbaiDate : 07-05-2004

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