Breaking: UCO Bank EGM on March 16! New Shareholder Director to be Elected as Board Reshuffle Begins

Kolkata, February 19, 2026: In a significant boardroom development, UCO Bank has officially summoned an Extraordinary General Meeting (EGM) of its shareholders to be held on March 16, 2026. According to a regulatory filing with the stock exchanges today, the meeting, conducted via Video Conferencing, will address two critical agenda items that will shape the leadership and governance of the bank.

The EGM notice, issued by Vikash Gupta, Company Secretary of UCO Bank, outlines a dual-purpose meeting: to elect a new Shareholder Director following a recent resignation, and to seek shareholder approval for the extended tenure of the bank's Executive Director.

Agenda 1: Filling the Casual Vacancy for a Shareholder Director

The first and most crucial item on the agenda is the election of one Director from amongst the shareholders of the bank (other than the Central Government). This election has been necessitated by the resignation of Ms. Rachna Khare, who stepped down from the post of Shareholder Director on December 25, 2025.

As per the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, the resulting "casual vacancy" must be filled by election. The individual elected will hold office only for the unexpired portion of the predecessor's term, which runs until January 9, 2028.

Key Dates for the Election:

Cut-off Date for Eligibility: February 16, 2026 (Shareholders on this date can nominate, contest, and vote).
Last Date for Nominations: February 27, 2026 (by 5:00 PM).
Scrutiny of Nominations: March 2, 2026.
Last Date for Withdrawal: March 11, 2026.
Remote E-voting Period: March 12 to March 15, 2026.

The bank has invited applications from eligible candidates who are shareholders holding at least 100 shares and meet the 'Fit and Proper' criteria as prescribed by the Reserve Bank of India (RBI).

Agenda 2: Approving the Extended Tenure of Executive Director Rajendra Kumar Saboo

The second item on the EGM agenda seeks the approval of shareholders for the extension of tenure of Shri Rajendra Kumar Saboo, Executive Director of UCO Bank.

The Central Government, via its notification dated September 15, 2025, had already approved the extension of Shri Saboo’s tenure for a further period of three years beyond his initial term, which concluded on November 20, 2025. However, in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, such reappointments require ratification by the shareholders at the next general meeting.

Shri Saboo, a seasoned banker with a career spanning over three decades, joined UCO Bank after a distinguished stint as Chief General Manager at Punjab National Bank. His expertise spans Integrated Treasury, International Banking, Digital Banking, and Strategic Management. The resolution placed before the shareholders is an ordinary resolution seeking their formal nod for this extension.

How to Participate: A Virtual Meeting

In line with regulatory circulars from the MCA and SEBI, the EGM will be conducted entirely through Video Conferencing (VC) / Other Audio-Visual Means (OAVM) on Monday, March 16, 2026, at 11:00 AM. The deemed venue for the meeting is the bank's Head Office in Kolkata.

Shareholders are encouraged to cast their votes remotely through the e-voting platform provided by KFin Technologies Limited. The remote e-voting facility will be open from 9:00 AM on March 12, 2026, until 5:00 PM on March 15, 2026.

Why This EGM Matters

This EGM is crucial for UCO Bank as it seeks to stabilize its leadership structure.

Bringing in Fresh Perspective: The election of a new Shareholder Director is designed to bring a shareholder's perspective to the board, ensuring that the interests of public shareholders are represented. The last date for nominations is February 27, setting the stage for a potential contest if multiple candidates emerge.
Leadership Continuity: The approval of Shri Saboo's extension ensures continuity in the bank's executive management, allowing him to continue driving strategic initiatives without interruption.

The outcome of the voting on both these items will be declared shortly after the conclusion of the EGM. All eyes will now be on the pool of candidates who step forward to contest the election for the shareholder director position.