Page 2 - Dhanlaxmi Bank

Dhanlaxmi Bank shareholders reject appointment of statutory auditor

Dhanlaxmi Bank on Thursday said its shareholders have rejected the appointment of statutory auditor P B Vijayaraghavan & Co. The bank had listed four agendas at its annual general meeting held on Wednesday (September 29), of which two were passed. The shareholders rejected the proposal of appointment of statutory auditors P B Vijayaraghavan & Co, Chartered Accountants, Chennai with 65.44 per cent votes cast against the ordinary resolution, Dhanlaxmi Bank said in a regulatory filing, disclosing the scrutiniser's report of the postal ballot. They also rejected a proposal for authorisation to the board of directors to appoint and fix remuneration of branch auditors, with 65.44 per cent votes against the resolution. "The resolutions 3 and 4 have not been passed by the shareholders of the bank," the filing said. Resolutions 1 and 2 were passed with requisite majority. These related to the adoption of the audited financial statements for fiscal ended March 2021 and re-appointment of

Dhanlaxmi Bank gross advances up over 4% by March; deposits rise over 7%

Private sector lender Dhanlaxmi Bank witnessed over 7 per cent year-on-year growth in its total deposits during the financial year ended March 2021, while advances rose over 4 per cent.

Dhanlaxmi Bank net profit plunges 44.5% to Rs 12 crore in December qtr

Dhanlaxmi Bank on Tuesday registered 44.5 per cent dip in net profit to Rs 11.81 crore in the third quarter ended December 2020 on muted retail business even as bad loan ratio declined.

Dhanlaxmi Bank Board approves appointment of Shivan as MD and CEO

Earlier, RBI had asked the lender's board to get shareholders' approval before appointing Shivan as the next MD and CEO

Dhanlaxmi Bank may appoint former SBI official J K Shivan as its MD & CEO

Sunil Gurbaxani was voted out after bitter battle with the Board

Best of BS Opinion: India's IAS officers, companies owning banks and more

Business Standard brings you Opinion pieces of the day

Which bank next on the RBI radar?

If shareholders can throw the chairman and MD out, where is the sanctity of the RBI approval for such appointments?

Dhanlaxmi Bank CEO case to test primacy of RBI over banks' shareholders

The removal of CEO Sunil Gurbaxani has led the private banking system into uncharted waters

RBI likely to put its foot down, reinstate Gurbaxani at Dhanlaxmi Bank

RBI's powers under BR Act to decide fate of bank bosses, not Companies Act

How City Union Bank, Federal Bank have sustained investor interest

With gains of 7 - 10 per cent since September 24, both stocks have been an outlier among peers

Balancing tradition and new systems key for old, traditional banks: Experts

These banks need to understand their limitations and balance tradition with new age banking systems, they say

PE investors, foreign banks taking majority stakes may rescue old pvt banks

Several of these banks were placed under the Prompt Corrective Action (PCA) framework of additional regulator scrutiny but this does not seem to have stemmed the rot

Exit was outcome of being truthful and ethical: Dhanalaxmi Bank's Gurbaxani

In a Q&A the lender's MD and CEO dwells on the drama surrounding his ouster at the AGM and how the directors pressurised him to quit after he raised various Governance issues

Top headlines: Trump, Melania test Covid positive, trade unions call strike

From US President, First Lady testing positive for Covid-19 to Musk hinting at Tesla's entry in India next year, Business Standard brings you top news of the evening

'I'm going back home with head held high': Ex-Dhanlaxmi Bank CEO on ouster

The former Managing Director and CEO of Kerala-based Dhanlaxmi Bank Sunil Gurbaxani said he was asked to quit on September 7 itself failing which he would be voted out at the September 30 AGM

RBI okays appointment of CoD to run Dhanlaxmi Bank till appointment of CEO

Dhanlaxmi Bank on Thursday said that the RBI has approved a three-member interim committee of directors, headed by G Subramonia Iyer, to run the private sector bank after the shareholders voted out its MD and CEO Sunil Gurbaxani. The shareholders rejected the resolution for appointment of Gurbaxani as MD and CEO at the 93rd Annual General Meeting of the bank held on September 30. "Consequent to this, please note that Reserve Bank of India has, as requested by the Board of Directors, approved an interim arrangement for formation of a Committee of Directors to exercise the powers of Managing Director & CEO till such time a new MD & CEO takes charge," Dhanlaxmi Bank said in a regulatory filing. The committee of directors (CoD) will be constituted with Iyer as chairman and G Rajagopalan Nair and P K Vijayakumar as its members, it said. "As advised by RBI, the interim arrangement will not continue beyond four months within which the bank will complete the process of identification .

Dhanlaxmi Bank's Board appoints committee after shareholders oust CEO

Independent directors G. Subramonia Iyer, G Rajagopalan and P K Vijayakumar form the CoD. Iyer will be chairperson.

After LVB, Dhanlaxmi Bank shareholders oust chief executive Sunil Gurbaxani

While Dhanlaxmi Bank faces governance issues similar to those in Lakshmi Vilas Bank, the financial profile of the Kerala-based bank is better.

Dhanlaxmi Bank MD and CEO Sunil Gurbaxani voted out by shareholders

The shareholders of Kerala-based small private sector Dhanlaxmi Bank on Wednesday voted out Managing Director and CEO Sunil Gurbaxani at the annual general meeting

RBI appoints its director D K Kashyap on board of Dhanlaxmi Bank for 2 yrs

The appointment is for a period of two years with effect from September 28, 2020, to September 27, 2022, or till further orders, whichever is earlier