LVB: Past imperfect, present tense, future...?

What happened at the September 25 AGM is not just another instance of shareholder activism. With the mass ouster of not-so-independent directors, will things change?

Topics
Lakshmi Vilas Bank | Indian Banks

Tamal Bandyopadhyay  |  New Delhi 

Tamal Bandyopadhyay

To use a cliché, September 25 could become a red-letter day for India’s old private sector banking industry. On that day, at the annual general meeting (AGM) of 94-year-old Lakshmi Vilas Bank Ltd (LVB), its shareholders voted out the directors they felt responsible for the sorry state of affairs in the bank.

They did not even spare the bank’s managing director and chief executive, S Sundar. Ahead of the AGM, held on a Friday, proxy advisory firm Institutional Investor Advisory Services had warned the shareholders about the misgovernance of the bank. It had, in fact, ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, October 11 2020. 23:12 IST
RECOMMENDED FOR YOU
.