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<keyword id="18819466" type="General" weightage="20" keywordseo="Dhanlaxmi-Banks-independent-director" source="Orion">Dhanlaxmi Bank's independent director</keyword> <keyword id="18813312" type="General" weightage="50" keywordseo="sridhar-kalyanasundram" source="Orion">Sridhar Kalyanasundram</keyword> resigned from the board of directors on September 16, after levelling serious charges against the board. In his resignation letter, he cited unethical conduct, unilateral arrogation of power, lack of comprehension of issues, and factionalism. His resignation comes ahead of the bank's annual general meeting (AGM) which is slated on September 30. <keyword id="790038" type="General" weightage="80" keywordseo="kalyanasundaram" source="Orion">Kalyanasundaram</keyword> also charged the Board and the executives of unethical conduct of banking business with regards to the one time settlement (OTS) scheme for loans. "While the OTS scheme has been put to use to a great deal of success by the banking sector at large - to effectively deal with the NPA (non-performing asset) positions - it has been seen being used even where it had no impact on the NPA position of the Bank, by its executives," Kalyanasundaram's letter says. "The classic case in reference is to the recent OTS of the Jalan Hotels of Kolkata, where the OTS was used to release a guarantor - even after the original debtor had been cleared by the consortium of banks and lenders - and where your Bank held a Registered Charge against the property given as guarantee to the original debtor," he said. "Despite my advising the Board of the hugely discounted offer (₹5.25 crore against a reported market value of ₹35 crore), I was voted out 6 to 1, and surprisingly even one of the additional directors appointed by the regulators supported the proposal brought to the Board," he charged. "There are many instances where despite the value of the inputs given, my inputs have been deliberately negated/avoided/overruled by the other members of the Board, just to support the belligerent attitude of the MD &amp; CEO - who is on public record (in the vernacular press) that he cares little for shareholders and the directors. I am not the only or even the first director to face his wrath for not towing his line, as many had left rendering this Board legally inconsistent with required composition," the resignation letter notes. Kalyanasundaram has also said the powers that be had threatened to dismiss him from the Board for raising 81 queries with regard to the agreement with the Issue Manager for the bank's proposed Rights Issue. "I have been recording my DISSENT at every meeting where it was attempted to be cleared either through a bulldozer approach or through an ambush approach (where the EIC - Equity Issuance Committee - proceedings would be attempted to be adopted at the next ensuing Board Meeting without even its (EIC) Minutes of the Meeting being prepared and agreed to)," he said. "When this did not work, the powers that be had openly threatened me with being 'sacked from the Board'. The records of the Bank regarding the EIC proceedings from January 2023 till July 2023, when the last of such meetings were held, will stand witness to my stand," Kalyanasundaram said in his resignation letter. Reacting to the development in the Kerala-based private bank, All India Bank Employees' Association (AIBEA) General Secretary C H Venkatachalam told IANS: "We demand the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) to probe all the serious allegations instead of just accepting the resignation." (With inputs from IANS)

Alleging unilateral arrogation of power, unethical conduct and others Dhanlaxmi Bank director resigns

The shareholders of Kerala-based small private sector <keyword id="162644" type="CITY" weightage="20" keywordseo="Dhanlaxmi-Bank">Dhanlaxmi Bank</keyword> on Wednesday voted out Managing Director and CEO Sunil Gurbaxani at the annual general meeting (AGM). The ordinary resolution moved for Gurbaxani's appointment was defeated, with 90.49 per cent of the votes polled against the proposal, as per the regulatory filing. Only 9.51 per cent of the votes were polled in favour of his appointment. Out of the 10 resolutions moved at the AGM, the shareholders had passed nine and defeated one. This is the second private bank where the shareholders have voted against the appointment of the Managing Director and CEO in recent days. Earlier, the shareholders of <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) had voted out seven directors, including the Managing Director and CEO, in the AGM. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/lakshmi-vilas-bank-down-5-as-concerns-over-clix-capital-merger-deepen/articleshow/78399789.cms">Lakshmi Vilas Bank is down nearly 5% as concerns over Clix Capital merger deepen</a> <a href="https://www.businessinsider.in/tech/enterprise/news/airtel-launches-new-cybersecurity-product-with-cisco-radware-vmware-and-forcepoint-for-enterprises-it-took-100-crore-and-over-a-year-to-set-up/articleshow/78403006.cms">Airtel launches new cybersecurity product with CISCO, Radware, VMware, and Forcepoint for enterprises — it took ₹100 crore and over a year to set up</a> <a href="https://www.businessinsider.in/india/news/babri-masjid-demolition-case-cbi-special-court-acquits-all-accused-judge-says-demolition-was-not-pre-planned/articleshow/78401534.cms">Babri Masjid demolition case: CBI Special Court acquits all accused, judge says ‘demolition was not pre-planned’</a>

After Lakshmi Vilas Bank, Dhanlaxmi Bank CEO Sunil Gurbaxani voted out by shareholders

New Delhi, Feb 27 () Private sector Dhanlaxmi Bank on Thursday said its new managing director and CEO Sunil Gurbaxani has taken charge from February 27."It is informed that Sunil Gurbaxani has taken charge as Managing Director &amp; CEO of the Bank with effect from February 27, 2020," the bank said in a regulatory filing.Gurbaxani has been appointed as MD&amp;CEO of the bank for a period of three years from the date of taking charge pursuant to RBI approval, it said.He has 35 years of banking experience with State Bank of Bikaner &amp; Jaipur (now State Bank of India) and Axis Bank and handled various roles and responsibilities including operations head, Assistant General Manager, Assistant Vice President, Vice President, Senior Vice President and Executive Vice President.Gurbaxani is an MBA degree and a post-graduate in Economics and has also passed the CAIIB from the Indian Institute of Bankers. He replaces T Latha, who resigned on October 30, 2019 due to personal reasons.The lender was also amongest the RBI's Prompt Corrective Action (PCA) framework and was removed from the list by the regulator in February 2019 subject to certain conditions and continuous monitoring,Shares of the bank closed 1.18 per cent down at Rs 14.20 on BSE. KPM MRMR

Dhanlaxmi Bank MD & CEO Sunil Gurbaxani takes charge

<ul><li><keyword id="2179992" type="General" weightage="20" keywordseo="rbl-bank" source="Orion">RBL Bank</keyword> announced that its long-term CEO <keyword id="186752" type="General" weightage="20" keywordseo="vishwavir-ahuja" source="Orion">Vishwavir Ahuja</keyword> has gone on leave, with Rajeev Ahuja taking up the lead in the interim.</li><li>Apart from this, the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> also intervened by appointing an additional director on the bank’s board.</li><li>Now, reports suggest that <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and DMart’s <keyword id="6505089" type="General" weightage="20" keywordseo="radhakishan-damani" source="Orion">Radhakishan Damani</keyword> want to pick up a 10% stake in the bank.</li></ul>RBL Bank is in a mini crisis of sorts, with its long-term MD and CEO Vishwavir Ahuja going on a leave and the Reserve Bank of India appointing an additional director on the bank’s board. The stock tanked 20% on Monday (December 27), the first trading day after the decision was made public. <div type="image" title="RBL Bank 01_11_21 to 27_12_21." msid="88515164" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank share price since November, 2021&amp;lt;/p&amp;gt;"></div> The twist doesn’t end there, either – ace investors Rakesh Jhunjhunwala and DMart’s Radhakishan Damani have <a href="https://twitter.com/CNBCTV18News/status/1475296536980426752">reportedly</a> approached RBI to pick up a 10% stake in RBL Bank, likely to cash in on the opportunity on the horizon. On Friday, RBL Bank’s shares ended the day lower by nearly 3%. In 2021 so far, the company has lost a fourth of its value even as the Bank Nifty index gained over 11%. <cmsannotation type="cmsannotation" annotationid="Why is the RBI intervening in the affairs of RBL Bank?" comment="subhead" text="Why is the RBI intervening in the affairs of RBL Bank?">Why is the RBI intervening in the affairs of RBL Bank?</cmsannotation> While both RBI and RBL Bank have been tight-lipped about the trigger behind the central banker’s intervention, reports suggest that there’s likely more going on between the lines. One of the issues that has been repeated elsewhere is concerns about the asset quality of the bank – the gross non-performing assets (Gross NPA) ratio rose to 5.4% in the September quarter from 3.34% in the year before. Unpaid loans surged in the September quarter, as the moratorium on payments came to an end, particularly in the microfinance segment, which makes for 9% of RBL Bank’s total loan book. <div type="image" title="RBL Bank MFI GNPA ." msid="88516605" hostid="261" caption="&amp;lt;p&amp;gt;RBL Bank microfinance segment GNPA&amp;lt;/p&amp;gt;"></div> However, the rise in bad loans may not be reason enough for the RBI to step in. Earlier this year, RBI had approved Vishwavir Ahuja’s extension as the bank’s CEO till June, 2022. Ahuja going on leave mid-way through his term also signals that there are deeper issues at the bank which have not been disclosed to the public yet. “The sequence of events leading to the sudden exit of Mr. Vishwavir Ahuja along with the induction of Dayal from the RBI on the Board as additional member indicates that everything is not ok with the bank,” noted a letter by All India Bank Employees Association (AIBEA) to Finance Minister Nirmala Sitharaman. <cmsannotation type="cmsannotation" annotationid="If Jhunjhunwala and Damani are interested, there may be some things working at the bank" comment="subhead" text="If Jhunjhunwala and Damani are interested, there may be some things working at the bank">If Jhunjhunwala and Damani are interested, there may be some things working at the bank</cmsannotation> Billionaire investors Rakesh Jhunjhunwala and Radhakishan Damani reportedly want to pick up a 10% stake in RBL. The two are yet to comment on the matter and investors must take these unconfirmed reports with a handful of salt. As the following meme on social media reminds us: <div type="image" title="RJ RD RBL meme" msid="88516710" hostid="261"></div> According to RBL Bank’s new interim CEO Rajeev Ahuja, the bank’s financials remain strong. “These developments are not on account of any concern on advances, asset quality and deposits level of the bank. The bank has the full support of the RBI,” he said. In the September quarter, RBL posted a net profit of ₹30 crore as against a loss of ₹459 crore in the quarter before. This, the bank says, was due to an increase in provisions for the June quarter. Beyond the profits, RBL Bank’s fundamentals remain strong. Its liquidity coverage ratio stood at 155%, as against the 100% mandated by RBI. This means that in the short-term, the bank has enough cash to meet its obligations. RBL Bank’s credit card business – which constitutes 22% of the company’s total loan portfolio – has been a fast growing segment for the company. In fact, one broking firm, B&amp;K Research, recently argued that RBL’s credit card business is performing better than SBI Card, the country’s <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">second largest credit card issuer</a>. However, investors should keep in mind that it is still a small player with a 4% market share in the number of cards issued ⁠— even though it has grown from a mere 1% in 2017 ⁠— is trailing far behind SBI Card’s 19% market share. <cmsannotation type="cmsannotation" annotationid="How can the RBI appoint directors on a private bank’s board?" comment="subhead" text="How can the RBI appoint directors on a private bank’s board?">How can the RBI appoint directors on a private bank’s board?</cmsannotation> RBI has in the past appointed additional directors on the boards of banks like Yes Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank among others. According to Section 36AB of the Banking Regulation Act, 1949, RBI can appoint additional directors to protect the interests of the bank, its depositors, the banking regulations or the overall public interest. Update: Rakesh Jhunjhunwala has now <a href="https://twitter.com/blitzkreigm/status/1475310523960815622">denied</a> reports of acquiring a stake in RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-zee-entertainment-hp-adhesives-and-adani-transmission-among-hot-stocks-on-december-27/slidelist/88514134.cms">RBL Bank, Zee Entertainment, HP Adhesives, and Adani Transmission among hot stocks on December 27</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

RBL Bank slumps 20% after CEO goes on leave

The decision of <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) to palm off 94-year-old Karur based <keyword id="135860" type="COMPANY" weightage="20" keywordseo="Lakshmi-Vilas-Bank">Lakshmi Vilas Bank</keyword> (LVB) to DBS Bank India Ltd, a wholly-owned subsidiary of DBS Bank Ltd, Singapore, smacks of arbitrariness and lack of transparency, said a top leader of All India Bank Employees' Association (<keyword id="327672" type="ORGANIZATION" weightage="20" keywordseo="AIBEA">AIBEA</keyword>). "There would have been several groups interested in LVB with its extensive branch network and deposit base. The RBI did not make any open bid for LVB. From where DBS Bank India came in and how RBI zeroed in on that bank is not known," C.H.Venkatachalam, General Secretary, AIBEA told IANS. On Tuesday, the RBI announced its decision to amalgamate the LVB with the DBS Bank India. Venkatachalam said as per RBI, DBS Bank India will bring in additional capital of Rs 2,500 crore upfront, to support business growth of the merged entity but there are no timelines mentioned. "The fundamental question is why only DBS Bank India and why not others? Why no bids were issued? It is agreed that RBI may have powers, but those powers should be exercised in a transparent manner and not arbitrarily," Venkatachalam said. He charged RBI of handing over LVB to DBS Bank India overnight in an arbitrary manner. According to Venkatachalam, LVB has a brand equity and goodwill apart from immovable assets. If the immovable assets are revalued then there will be some money for the shareholders. As per the draft amalgamation scheme, the RBI has said on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank (LVB), shall stand written off. On and from the appointed date, the transferor bank shall cease to exist by operation of the scheme, and its shares or debentures listed in any stock exchange shall stand delisted without any further action from the transferor bank, transferee bank (DBS Bank India) or order from any authority. As regards LVB employees, they will continue in service and be deemed to have been appointed in the DBS Bank India at the same remuneration and on the same terms and conditions of service, as were applicable to such employees immediately before the close of business on November 17. However, the RBI scheme also provides for DBS Bank India to discontinue the services of key managerial personnel of LVB after following the due procedure at any time, after the appointed date, as it deems necessary and providing them compensation as per the terms of their employment. Similarly, DBS Bank India shall have the option of merging LVB branches according to its convenience and may close down or shift the existing branches as per the extant instructions issued by the RBI. The LVB has a network of 563 branches while DBS Bank India has only 33. The amalgamation will give a jump start for DBS Bank India with a ready made branch network. According to stock broking firm Emkay Global Financial Services, the amalgamation will be a long-term positive DBS Bank India, while putting to rest concerns around a potential merger with a healthy large private bank as it has been the case in the past (for e.g., Bank of Rajasthan with ICICI Bank). "Although the extinguishment of capital/reserves and merger with an unlisted bank will be negative for minority investors in LVB, the larger interest of depositors has been protected," Emkay Global said in a report. "The RBI has done the correct thing. This should have been done earlier. Even if the immovable assets are revalued, LVB's networth wouldn't turn positive. Further most of their branches would be under lease agreements," Anand Dama, Senior Research Analyst, Emkay Global told IANS. Similarly, in the case of the Kerala based Dhanalaxmi Bank, the RBI seems to be keen on bringing back Sunil Gurbaxani as Managing Director and CEO after he was voted out by the shareholders at the annual general meeting held on September 30, 2020, Venkatachalam said. The ordinary resolution moved for Gurbaxani's appointment at the AGM was defeated, with 90.49 per cent of the votes polled against the proposal. Only 9.51 per cent of the votes were polled in favour of his appointment. "When the shareholders have voted out, why RBI is very keen on one person is not known," Venkatachalam wondered. On Dhanlaxmi Bank, Emkay Global said it will be interesting to see whether the RBI will take over this bank too -- as it is being long mired with management issues -- and impose a merger or try some other route to revive it. Meanwhile union officials of LVB were not available for comments when IANS tried to reach out to them. SEE ALSO: <a href="https://www.businessinsider.in/business/news/indiamart-and-justdial-in-legal-battle-over-copyright-violations/articleshow/79275178.cms">IndiaMart and JD Mart gear up for a legal battle over copyright infringement — even as Justdial calls IndiaMart’s allegations ‘baseless’</a> <a href="https://www.businessinsider.in/india/news/cipla-launches-a-new-rapid-antibody-detection-test-for-covid-19-which-will-give-you-results-in-less-than-10-minutes/articleshow/79275894.cms">Cipla launches Covi-G — a new rapid antibody detection test for COVID-19 which will give you results in less than 10 minutes</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-lakshmi-vilas-bank-tata-motors-dhfl-wipro-mahanagar-gas-iifl-securities-and-others/articleshow/79276060.cms">Top stock movers — Lakshmi Vilas Bank, Tata Motors, DHFL, Wipro, Mahanagar Gas, IIFL Securities, and others</a>

Banking union head questions why RBI did not consider banks other than DBS India to merge with LVB

New Delhi, Apr 17 () Banking and financial stocks were in high demand on Friday, advancing up to 21 per cent after the Reserve Bank announced a host of liquidity-boosting measures to support the economy amid the coronavirus crisis. Axis Bank zoomed 13.45 per cent, ICICI Bank rose by 9.89 per cent, IndusInd Bank 9.13 per cent, Federal Bank 9 per cent, City Union Bank 5.39 per cent and Kotak Mahindra Bank 4.96 per cent on the BSE. Axis Bank was the top gainer in the Sensex pack. Also, HDFC Bank jumped 3.33 per cent, RBL Bank 3.22 per cent and SBI 2.49 per cent. Led by the rally in these scrips, the BSE Bank index rose by 6.83 per cent. Likewise, from the finance pack, Equitas Holdings zoomed 21.15 per cent, Shriram Transport Finance Company 20 per cent, J&amp;K Bank 19.95 per cent, Indiabulls Housing Finance 17.61 per cent, Dhanlaxmi Bank 17.51 per cent, DCB Bank 16.54 per cent, Ujjivan Financial Services 14.54 per cent and Cholamandalam Investment and Finance Company 11.33 per cent. The BSE Finance index gained 5.44 per cent. "Given the unprecedented times we are in, it is heartening that RBI is addressing all these challenges at a war footing. We believe the key measures announced by RBI will help inject the much needed liquidity in the system, facilitate and incentivise credit flow and provide flexibility on regulatory forbearance. Markets are in buying zone," according to Motilal Oswal, MD and CEO of Motilal Oswal Financial Services. In the broader market, the 30-share BSE Sensex ended 986.11 points or 3.22 per cent higher at 31,588.72. "The RBI's announcement has correctly focused on the financial sector, specifically the NBFCs. However, given the current macro conditions, we need to watch how the banks utilize the various windows and options given by the RBI to assess whether credit growth increases and the extent of support that the NBFC sector gets," said Suvodeep Rakshit, Vice President and Senior Economist, Kotak Institutional Equities. The RBI on Friday further eased bad-loan rules, froze dividend payment by lenders and pushed banks to lend more by cutting the reverse repo rate by 25 basis points, as it unveiled the second set of measures to support the economy hit hard by the coronavirus-led slowdown. In his second televised address since the nationwide lockdown began from March 25, the Reserve Bank of India (RBI) Governor Shaktikanta Das pledged to boost liquidity and expand bank credit. Other interest rate-sensitive indices like auto and realty also closed with significant gains. "NBFCs are clear beneficiaries of these measures. For investors in banks, the provision of higher liquidity and relaxation in provisioning norms are welcome, but the bar on dividend distribution and new provisioning norms are negatives for the time being. "While the RBI is doing its part in providing reliefs in the current times, the street could keep expecting more and there could also be some concern about the time it would take for these measures to have an impact at the ground level," said Deepak Jasani - Head Retail Research, HDFC Securities. SUM ABMABM

You Searched For "Dhanlaxmi Bank CEO" and got 6 results

Alleging unilateral arrogation of power, unethical conduct and others Dhanlaxmi Bank director resigns

BI India Bureau

After Lakshmi Vilas Bank, Dhanlaxmi Bank CEO Sunil Gurbaxani voted out by shareholders

IANS

Dhanlaxmi Bank MD & CEO Sunil Gurbaxani takes charge

PTI

RBL Bank slumps 20% after CEO goes on leave

Rounak Jain

Banking union head questions why RBI did not consider banks other than DBS India to merge with LVB

IANS

Banking, financial stocks zoom up to 21 pc after RBI lift

PTI

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