Part of the shares in JKB that were owned by Govt of JK to be transferred
Srinagar: 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.
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.
The Parliament of India had in August 2019, adopted a resolution to abrogate Article 370, and passed a Bill to bifurcate the erstwhile State of Jammu and Kashmir into two Union Territories – Jammu and Kashmir, and Ladakh, controlled directly by the Government of India.
Article 370 granted Jammu and Kashmir autonomy, and its scrapping was done as all Kashmiri political representatives were kept under detention, communication in Kashmir was blacked out, and thousands were imprisoned.
The removal of Article 370 has made concrete the fears of demographic change in the Muslim majority region of Kashmir, as laws regarding land ownership and citizenship have been changed by the Government of India controlled administration.
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.