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.

Shareholders of Thrissur-based Dhanlaxmi Bank on Wednesday ousted  managing director and CEO Sunil Gurbaxani at the bank’s annual general meeting (AGM). This is the second such ouster of a private Bank chief executive in less than a week. Last week in a coup of sorts, around 60 per cent of the shareholders at Lakshmi Vilas Bank had voted against seven directors including MD & CEO S Sundar.

In the case of 93-year-old Dhanlaxmi Bank, over 90 per cent of the votes were polled against Gurbaxani’s appointment. The voting results were made public through stock exchange filings. Of the 10 resolutions, this