new delhi stateowned central bank of india will seek shareholders approval in its ensuing annual general meeting agm next month to set off accumulated loss of over rs 18724 crore from the share premium account of the bankthe next agm is scheduled for august 10 2021 through audiovideo meansthe bank said it will seek shareholders consent to set off the accumulated losses of rs 1872422 crore as on march 31 2021 by utilising the balance standing to the credit of share premium account of the bank as on date to set off and take the same into account during the current financial year 202122the bank is of the view that this it the most practical and economically efficient option available to the bank in the present scenario so as to present a true and fair view of the financial position of the bank it said in a regulatory filingcentral bank of india said the setting off of accumulated loss would benefit the shareholders of the bank as their holding will yield better value it will also enable the bank to explore opportunities to the benefit of the shareholders of the bankit will also put the bank in a better position to achieve its turnaround plans in timebound manner the lender saidshare premium balance is a reserve that can only be used for the defined purposes a share premium account reflects the difference between the face value of shares and the subscription price of the shares