Dhanlaxmi Bank Board approves appointment of Shivan as MD and CEO

Earlier, RBI had asked the lender's board to get shareholders' approval before appointing Shivan as the next MD and CEO

T E Narasimhan Chennai
Dhanlaxmi Bank

The bank is currently managed by a committee of directors | File photo

Board of Directors of Kerala-based Dhanlaxmi Bank have given approval to appoint J K Shivan as managing director and CEO of the Bank. 
It may be recalled that the shareholders of the Kerala-based had voted against MD & CEO Sunil Gurbaxani On September 30, 2020. Then, in December that year, the lender appointed Shivan as the new MD & CEO. However, the banking regulator, Reserve Bank of India (RBI), had asked the Dhanlaxmi Bank Board to get shareholders’ approval before appointing J K Shivan as the next chief of the bank.
According to experts, RBI's direction was unusual since the board typically appoints the candidate recommended by the regulator as additional director and then seeks shareholders’ approval at the next AGM. In this case, the lender's Board had moved a resolution on December 26, as asked by RBI, for shareholders’ approval via electronic voting, for Shivan's appointment.

Also Read

RBL Bank: Worst may be over, but near-term asset quality pressures seen

HDFC Bank's Q3 net profit surges 18% on growth in net interest income

Diversification, deposit growth put IDFC First ahead of Bandhan Bank

Centre may have no stake in public sector banks after privatisation

Clean up balance sheets of corporates, banks to rein in fiscal deficit: IMF

Yes Bank: ED raids Mumbai builder group in money laundering case

Bank of America gives pandemic bonus to 97% of its 170,000 staff

Union Bank completes IT integration of all Andhra Bank branches with itself

Kotak Mahindra Bank Q3 consolidated net up 11% at Rs 2,602 cr on robust NII

Yes Bank at 'peak' of asset quality stress; has 'many positives': CEO

First Published: Jan 26 2021 | 3:19 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to