Misra to continue as Axis Bank Non-Executive Chairman for 5yrs

Axis Bank today said its board has appointed Sanjiv Misra, a retired bureaucrat, as Non- Executive Chairman for a period of five years.
The appointment came a day after he resigned as the bank's Non-Executive Chairman as a SUUTI nominee.
The Board today appointed Misra as an independent director and Non-Executive Chairman for a period of five years, the country's third largest private lender said in a statement.
"Misra was earlier the SUUTI (Special Undertaking of UTI) nominee on the board as Non-Executive Chairman for three years till May 11, 2016. The right of SUUTI to appoint the Chairman of the Bank, under the old Article 89 (1) of the Articles of Association was rescinded with effect from May 10, post amendment of the Articles of Association," the bank statement explained.

SUUTI, a special undertaking formed to own UTI's ownership in Axis Bank, L&T and ITC, owns 11.93 per cent in the private lender which was earlier known as UTI Bank.
The appointment of Misra, a career bureaucrat who served as Finance Secretary at the time of superannuation in 2008, is subject to approvals from shareholders and the Reserve Bank, it said.

The Board also elevated Rajesh Dahiya and Rajiv Anand as Executive Directors with immediate effect. They have also been inducted on the Board as Additional Directors, the statement said.
Dahiya was the head of the bank's corporate centre, while Anand headed retail banking, it said.

"Their combined diversity of experience would further strengthen and help add strategic value to the board. As Executive Directors, they will be actively involved in the bank's overall strategy and will have the specific responsibility for key corporate and retail banking functions," Axis Bank Managing Director and Chief Executive Shikha Sharma said.