Dhanlaxmi Bank Ltd gets RBI nod for interim arrangement to exercise powers of MD and CEO

Dhanlaxmi Bank Ltd had earlier announced the resolution for appointment of Shri. Sunil Gurbaxani as Managing Director & CEO was not approved by the Shareholders at the 93rd Annual General Meeting of the Bank held on September 30, 2020.

Consequent to the above, the Reserve Bank of India has, as requested by the Board of Directors, approved an interim arrangement for formation of a Committee of Directors to exercise the powers of Managing Director & CEO till such time a new MD & CEO takes charge. The Committee of Directors will be constituted with Shri. G. Subramonia Iyer as Chairman and Shri. G. Rajagopalan Nair and Shri. P.K Vijayakumar as Members.

As advised by RBI, the interim arrangement will not continue beyond four months within which the Bank will complete the process of identification and appointment of a new MD& CEO.

Shares of Dhanlaxmi Bank Limited was last trading in BSE at Rs.12.39 as compared to the previous close of Rs. 12.33. The total number of shares traded during the day was 50435 in over 220 trades.

The stock hit an intraday high of Rs. 12.8 and intraday low of 12.26. The net turnover during the day was Rs. 626214.

Source : Equity Bulls

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