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Dhanlaxmi Bank's shareholders seek to curb CEO's spending powers

The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages

Dhanlaxmi Bank's shareholders seek to curb CEO's spending powers
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Reuters Bengaluru
Dhanlaxmi Bank said on Thursday its largest shareholders were seeking to curb the spending powers of its chief executive officer, escalating a bitter shareholder battle with the private lender's management.
 
The Thrissur, Kerala-headquartered bank will hold an extraordinary general meeting on Nov. 12 at the request of certain shareholders including B Ravindran Pillai, who holds a 9.99% stake in the bank, it said in a regulatory filing.
 
The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages.
 
According to the proposed shareholder resolution,

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Oct 20 2022 | 9:20 PM IST

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