How did a profitable bank founded 94 years ago to serve small businesses became a headless institution? Listen to the podcast to know more
 "Turmoil at Lakshmi Vilas Bank: AGM drama, current situation and what next")
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There was a great deal of drama at Lakshmi Vilas Bank's annual general meeting (AGM) on September 25, with the majority of shareholders rejecting the appointment or re-appointment of all seven members of the board, including the Managing Director and CEO, S Sundar. The development was unprecedented and rare. The Reserve Bank of India (RBI) on September 27 approved an interim arrangement under which the bank would be run by a Committee of Directors (CoD), consisting of three independent directors vested with the discretionary powers of MD & CEO.
How did a profitable bank founded 94 years ago to serve small businesses became a headless institution?
Business Standard's T E Narasimhan talks about it in this podcast. Tune in to know more
First Published: Sep 30 2020 | 4:27 PM IST