RBI offers LVB committee option to review CEO names proposed by old Board

The Reserve Bank of India (RBI) has asked the Lakshmi Vilas Bank's (LVB) three-member committee whether they would like to reconsider three names for the CEO post proposed by the old Board.

Shareholders of the bank in September voted against seven board members, including interim MD and CEO S Sundar, at the annual general meeting. Following which the RBI appointed a three-member committee of directors which would exercise the discretionary powers of the MD & CEO of the bank.

The Committee of Directors (CoD) comprise of independent directors Meeta Makhan, Shakti Sinha and Satish Kumar Kalra.

Sinha told Business Standard