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Independent director resigns from Dhanlaxmi Bank board

Press Trust of India  |  New Delhi 

Private sector Dhanlaxmi Bank, which today deferred release of quarterly and annual results, said an has resigned from its board.

"It is hearby informed that G Vijaya Raghavan, Independent Director, has resigned from the board of the with effect from May 15, 2018," it said in a regulatory filing.

Besides, it said a new in non-independent category has been inducted into its board.

"The at its meeting held on May 15, 2018 has appointed M.G (DIN-07547651) as (Non-independent category) on the Board of the Bank," it said in a separate filing.

Citing "better representation on conservative basis" the said the board of directors today deferred the announcement of financial results for May 23.

Hit by high level of bad loans, the bank had posted a net loss in the preceding third quarter ended December of 2017-18 at Rs 21.74 crore, which widened from year ago's net loss of Rs 8.18 crore. The September quarter of 2017-18 witnessed a meagre profit of Rs 6.06 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 21:50 IST