Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<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

<ul><li>At 7:49 am, the SGX Nifty was trading 0.98% higher, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the global market, the Indian stock market is likely to open higher. At 7:49 am, the SGX Nifty was trading up 0.98%, indicating a green start for Nifty50. The US stocks also ended in the green on Wednesday on the back of further stimulus hopes. The Dow Jones Industrial Average closed 1.20% higher; whereas the S&amp;P 500 was down 28 points on Wednesday. These are the stocks to watch out for during the trading session on October 1: Reliance Industries (RIL) Mukesh Ambani’s owned Reliance Retail Ventures Limited has<a href="https://www.businessinsider.in/business/news/reliance-retail-raises-another-1875-crore-as-silver-lake-comes-back-with-an-additional-investment/articleshow/78412992.cms"> raised ₹1,875 crore </a>from Silver Lake co-investors. The shares of RIL ended 0.49% lower yesterday Oil and Natural Gas Corp, GAIL India, Oil India and other natural gas stocks The stocks of natural gas companies will be in focus today as the Indian government slashed the rate by 25% to $1.79 for the period of October 2020 to March 2021. This is the price at which most of the natural gas produced in India is sold. The shares of Oil and Natural Gas Corp and GAIL Limited ended 2% lower yesterday, whereas Oil India was up nearly 2%. Also watch out for IGL, MGL and Gujarat Gas. Inox Leisure and PVR Limited As part of the unlock 5.0 guidelines, the Ministry of Home Affairs (MHA) has allowed reopening of cinema halls from October 15. The stock of Inox Leisure and PVR Limited will be in focus today during the trade. The shares of Inox Leisure and PVR LImited ended 2% higher yesterday. Lupin The drug major Lupin launched Lapatinib tablets, used in the treatment of advanced or metastatic breast cancer, in the US market. The company has launched Lapatinib tablets in the strength of 250 mg after its alliance partner Natco Pharma received final approval for its abbreviated new drug application (ANDA) from the United States Food and Drug Administration (USFDA), it said in a statement. The shares of Lupin ended 0.8% higher yesterday. Sanofi India Sanofi India on Wednesday launched a booster vaccine for preschoolers to protect against four major diseases - diphtheria, pertussis, tetanus and polio. “Booster vaccines are designed to boost the immunity acquired during prior vaccination,” the company said. The shares of Sanofi India ended 1.4% higher yesterday. Dhanlaxmi Bank Shareholders of Dhanlaxmi Bank ousted chief Sunil Gurbaxani, little over seven months after he assumed charge of the lender. This came a day after the Reserve Bank of India appointed its General Manager D K Kashyap on the board of the bank for two years. The shares of Dhanlaxmi Bank ended 1% lower yesterday. Punjab National Bank The state-run public sector bank Punjab National Bank (PNB) declared its ₹1,203.26 crore exposure to Sintex Industries as a fraud. The shares of Punjab National Bank ended 2% lower yesterday. HDFC Limited The National Housing Bank imposed a monetary penalty of ₹1.5 lakh on HDFC Limited for non-compliance of the housing finance companies directions. The shares of HDFC Limited ended 1.16% higher yesterday. Bank of Baroda The state-run Bank of Baroda has dissolved its wholly-owned arm BOB (UK) in the United Kingdom with effect from September 22. The shares of Bank of Baroda ended 0.85% lower yesterday. Auto stocks in focus today Watch out for the likes of Maruti, Tata Motors and other listed auto stocks as they report their monthly sales for September. The <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms">estimates from brokerages</a> showed that passenger vehicles and farm equipment would report strong growth. However, the situation for the commercial vehicle segment will continue to remain grim. Mazagon Dock, Likhitha Infrastructure and UTI AMC The IPO subscription for Mazagon Dock, Likhitha Infrastructure and UTI AMC will close today. CAMS, Chemcon <a href="https://www.businessinsider.in/stock-market/news/cams-ipo-shares-are-trading-at-over-25-premium-in-the-grey-market/articleshow/78400317.cms">CAMS </a>and <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-for-chemcon-ipo-share-price-trading-at-over-111/articleshow/78404223.cms">Chemcon shares </a>are slated to hit the bourses today. The grey market premium for the companies suggests a bumper listing ahead. SEE ALSO: <a href="https://www.businessinsider.in/india/news/from-income-tax-to-credit-card-payment-here-are-all-the-rules-changing-from-october-1/articleshow/78418580.cms" data-type="tilCustomLink">From income tax to credit card payment - here are all the rules changing from October 1</a> <a href="https://www.businessinsider.in/business/auto/news/cars-and-tractor-sales-likely-to-remain-healthy-but-commercial-vehicles-may-feel-the-pain-in-september-month-sale/articleshow/78407001.cms" data-type="tilCustomLink">All eyes on September auto sales — Cars and tractor sales likely to remain healthy but commercial vehicles may feel the pain</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-expected-to-outperform-bajaj-auto-and-tvs-sales-numbers-in-september-two-wheeler-sales/articleshow/78407559.cms?upcache=2" data-type="tilCustomLink">September two-wheeler sales expectations — Hero MotoCorp expected to outperform Bajaj Auto and TVS Motor</a>

Top stocks to watch— RIL, ONGC, HDFC, GAIL, PVR, Oil India, Lupin, PNB, Dhanlaxmi Bank and others

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>

You Searched For "dhanlaxmi bank shareholders" and got 4 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

Top stocks to watch— RIL, ONGC, HDFC, GAIL, PVR, Oil India, Lupin, PNB, Dhanlaxmi Bank and others

Navdeep Yadav

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

IANS

Popular Keywords

Buying Guides