Dhanlaxmi's governance turmoil: A saga of management-shareholder conflicts

The differences between the two are being complicated by an unsolicited bid from a little-known Delhi-based business group

At the end of August this year, Dhanvarsha group, a Delhi-based diversified business house, made an unsolicited Rs 300 crore offer for Kerala-based private sector lender Dhanlaxmi Bank. Dhanvarsha has offered Rs 11.85 per share — the stock is quoting at Rs 12.45 levels — to acquire the bank’s entire equity stake.

Dhanvarsha has said its proposal is pending before the bank’s board. The group, whose activities span e-commerce, infrastructure, travel and tourism, retail, pharmaceuticals, information technology, education, and cyber security, is expanding into banking in a major way. Last month, it submitted a proposal to bail out Mumbai’s City