UCO Bank confirms the election of a Shareholder Director has concluded prior to the scheduled Extraordinary General Meeting (EGM) on March 16, 2026. Following the receipt of only one valid nomination, Mr. Rajesh Kumar Ailawadi is deemed elected. He received “Fit and Proper” status and will assume office effective March 8, 2026, holding the position until January 9, 2028. Consequently, Agenda Item No. 1 related to this election is cancelled, though the EGM proceeds for other items.
Shareholder Director Election Concluded
UCO Bank has issued an update regarding the election of one Director from amongst shareholders, excluding the Central Government, originally slated for the Extraordinary General Meeting (EGM) on March 16, 2026.
The Bank confirms that only one valid nomination was received by the deadline of February 27, 2026. The sole candidate nominated was Mr. Rajesh Kumar Ailawadi, aged 60, holding qualifications in Science and Law, with relevant experience in Personnel Management, Industrial Relation, and Business Management.
Fitness and Deemed Election
Further, the Nomination and Remuneration Committee of the Board (NRCB), in its meeting held on March 7, 2026, accorded “Fit and Proper” status to Mr. Ailawadi.
In accordance with relevant regulations, since there was only a single vacancy and a single valid candidate deemed fit, Mr. Rajesh Kumar Ailawadi is officially deemed to be elected as a Shareholder Director of the Bank. He shall be deemed to have assumed office with effect from March 8, 2026, and his term will extend until January 9, 2028.
Impact on Extraordinary General Meeting (EGM)
As a direct result of the deemed election, Agenda item no. 1 concerning the election of the Shareholder Director shall not be transacted at the EGM scheduled for March 16, 2026, and the associated voting is cancelled.
However, the EGM will proceed as scheduled at 11.00 a.m. through Video Conference (VC)/OAVM to transact the one remaining Agenda item (Item No. 2), with remote e-voting taking place as originally planned.
Source: BSE
