CSB Bank Amends ESOS Trust Deed: Trusteeship Restructured Amid Resignation and New Appointments
CSB Bank Limited has executed a significant amendment to the CSB ESOS Trust, restructuring its trustees following a resignation and appointing two new members. The amendments cover the operational provisions of the trust established for the company’s employee stock option scheme (ESOS 2019).The Trust was originally set up by the Settlor with the view to implement the 'CSB Employee Stock Option Scheme 2019'. The initial Trust Deed, registered on May 20, 2019, established the trust. This was subsequently amended in March 2021 to facilitate listing and compliance requirements related to Share Based Employee Benefits (SBE).
The most recent amendment addresses changes within the board of trusteeship. One of the original Trustees, Mr. S.S. Narayanan, has been removed from the Trust following his resignation due to impending superannuation.
In light of this change, two new individuals have been appointed as Trustees by the Settlor. The appointment confers all powers and obligations defined in the Trust Deed upon them.
The trusteeship structure reflects a blend of long-standing team members and new appointees. The current composition is as follows:
| Role | Trustee Name |
|---|---|
| Remaining Original Trustee | Mr. RAGESH M. |
| Newly Appointed Trustee | Mrs. SREELATHA M. (Head - Strategy & Planning) |
| Newly Appointed Trustee | Mrs. AARTI SHRIVASTAVA (Head - Compensation & Benefits) |
The amendments ensure the integrity and operational continuity of the ESOS Trust, confirming that this Deed constitutes an integral part of both the Original Trust Deed (2019) and the Amended Trust Deed (2021). The present trust fund maintained by the CSB ESOS Trust is Rs. 1,00,000/-.
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