Scam-hit PNB passes resolution to play national anthem at all AGM, EGMs

By: | Updated: December 26, 2018 10:00 AM

As per the Securities and Exchange Board of India and the Reserve Bank of India rules, there is no compulsion for banks to play the national anthem

Punjab National Bank PNBPunjab National Bank (PNB)

State-owned Punjab National Bank (PNB), which was hit by an alleged fraud by Nirav Modi, has passed a resolution to play the national anthem at every Annual General Meeting (AGM) and Extraordinary General Meeting (EGM). The decision came on a proposal by a shareholder of the bank. Non-Executive Chairman of PNB Sunil Mehta has given his approval on the AGM which was held on September 18 this year, reported The Indian Express.

As per the Securities and Exchange Board of India and the Reserve Bank of India rules, there is no compulsion for banks to play the national anthem. Founder Chairman of PRIME Database Prithvi Haldea said, “It’s not very common but many companies do play the national anthem at the start or at the end of important events. I have been to many such corporate and government events. Why should anyone have a problem with playing the national anthem in the corporate sector?”

On the other hand, Founder and MD, InGovern Research Services Shriram Subramanian, “I don’t think any other company in India plays the National Anthem at AGMs and EGMs. It is strange to impose the anthem on shareholders.” A debate had erupted after the Supreme Court on November 30, 2016 ordered that the national anthem must be played in cinema halls before the screening of a film. However, on January 9 this year, the apex court modified its November 30 verdict and pronounced that it would optional for cinema halls to play the national anthem before the screening of films.

A bench headed by the then Chief Justice Dipak Misra said a 12-member inter-ministerial committee, set up by the Centre, would take a final call on the playing of the national anthem in the cinemas. The 12-member panel sought suggestions on framing guidelines on occasions when the national anthem should be played from the state governments.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition