IOB officers Association support Management move to set off losses

IOB Officers’ Association has extended due support to the management in its path-breaking decision of balance sheet management by setting off the accumulated loss with the share premium amount, which is aimed at giving out a fair, true and clearer picture of the bank’s balance sheet.

“This will infuse confidence in the minds of investors of the bank,” T Murali Soundararajan, President, and B Srinivasan, General Secretary of the Association, said in a statement.

On January 5, Indian Overseas Bank said that it secured the board’s approval to utilise the ₹7,650 crore balance available in the share premium account to offset its accumulated losses of about ₹6,978.94 crore as on March 31, 2017.

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