Latest News | J&K Bank Board Decides to Transfer 8.23% Stake to UT of Ladakh

New Delhi, Jan 19 (PTI) J&K Bank on Tuesday said its board has given in-principle approval to transfer 8.23 per cent stake to Union Territory of Ladakh.

It is to be noted that the state was divided into union territories of Jammu & Kashmir and Ladakh after the abrogation of Article 370 in 2019.

The board decided "to give its 'In-principle approval' for implementation of General Administration Department, Govt. of Jammu and Kashmir...in terms of which ownership of 8.23 per cent out of its (J&K Govt.) shareholding in Jammu and Kashmir Bank (4,58,29,445 Equity Shares) as on October 31, 2019, shall be transferred to UT of Ladakh," the bank said in a regulatory filing.

One post of director on the Board of the J&K Bank is earmarked for the UT of Ladakh.

The union territory status came into effect from October 31.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)