Kerala-based Dhanlaxmi Bank's board appointed a three-member committee of directors (CoD) to manage its daily affairs after shareholders on Wednesday voted out Managing Director and CEO Sunil Gurbaxani.
A shareholder said the bank has told the Reserve Bank of India the CoD will be in charge till a new Managing Director and CEO is appointed. Sources said Gurbaxani resigned after the shareholders’ voted him out at the lender's annual general meeting (AGM). He was not available for a comment.
Independent directors G. Subramonia Iyer, G Rajagopalan and P K Vijayakumar form the CoD. Iyer will be chairperson.
Gurbaxani was appointed for a period of three years with effect from February 2020. A ordinary resolution moved at the for his appointment at the AGM was defeated, with 90.49 per cent of the votes polled against him, as per the regulatory filing. Only 9.51 per cent of the votes favoured his appointment.
This is the second private bank where the shareholders have voted against the appointment of the Managing Director and CEO in recent days. On September 25, the shareholders of Lakshmi Vilas Bank (LVB) had voted out seven directors, including the Managing Director and CEO, in the AGM.
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