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Turmoil at Lakshmi Vilas Bank: AGM drama, current situation and what next

How did a profitable bank founded 94 years ago to serve small businesses became a headless institution? Listen to the podcast to know more

Lakshmi Vilas Bank | Reserve Bank of India | Indian banking sector

Sukanya Roy & T E Narasimhan  |  New Delhi 

There was a great deal of drama at Lakshmi Vilas Bank's annual general meeting (AGM) on September 25, with the majority of shareholders rejecting the appointment or re-appointment of all seven members of the board, including the Managing Director and CEO, S Sundar. The development was unprecedented and rare. The (RBI) on September 27 approved an interim arrangement under which the bank would be run by a Committee of Directors (CoD), consisting of three independent directors vested with the discretionary powers of MD & CEO.

How did a profitable bank founded 94 years ago to serve small businesses became a headless institution?

Business Standard's T E Narasimhan talks about it in this podcast. Tune in to know more

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First Published: Wed, September 30 2020. 16:27 IST