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IDBI Bank board approves appointment of T N Manoharan as part-time chairman

The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the RBI approved term of three years

Topics
IDBI Bank | Life Insurance Corporation

Press Trust of India  |  New Delhi 

IDBI Bank
LIC has 49.24 per cent shareholding in IDBI Bank, as of March 2022.

on Monday said its board has approved the appointment of T N Manoharan as the part-time chairman for a period of three years.

The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the RBI approved term of three years.

"Board of directors of the bank have approved the appointment of T N Manoharan, independent director as part time chairman of IDBI Bank, for a period of 3 years with effect from May 9, 2022, as approved by the vide their letter dated May 6, 2022," said in a regulatory filing.

In terms of the Articles of Association of the bank, of India (LIC) vide their communication dated May 7, 2022, nominated Raj Kumar, Managing Director of LIC as LIC nominee director on the board of the bank, said the lender.

Appointment of Kumar is being separately processed under Section 161(3) of the Act, 2013, said further.

LIC has 49.24 per cent shareholding in IDBI Bank, as of March 2022.

IDBI Bank shares closed at Rs 40.40 apiece on BSE, down by 1.70 per cent from the previous close.

(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: Mon, May 09 2022. 20:55 IST
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