IDBI Bank appoints Shri T. N. Manoharan as Additional Director

The Board of Directors of IDBI Bank Ltd. at its meeting held on February 24, 2022 has approved the appointment of Shri T. N. Manoharan (DIN: 01186248) as an Additional Director (Independent Category) on the Board of the Bank with immediate effect. Shri T. N.Manoharan is not related to any other Director on the Board and KMP of the Bank.

Shri T. N. Manoharan (DIN: 01186248) is a qualified Chartered Accountant, Law graduate and has completed IFRS certificate level online learning and assessment programme of the Institute of Chartered Accountants in England and Wales. He is a practicing CA with 38 years standing. He is the founder partner and mentor of the firm "Manohar Chowdhry & Associates".

Shri Manoharan served as Director at the instance of RBI in Sahara India Finance Corporation to protect the interest of depositors and winding up of the business during August 2008 to October 2011. He was appointed as Special Director by the Government of India on the Board of Satyam Computers Services Ltd. from January 2009 to July 2012. He was a Member on the Board of Insurance Regulatory & Development Authority during 2006-07.

Shri Manoharan was the Non-Executive Chairman of Canara Bank for 5 years from 2015 to 2020. He was also appointed by RBI as Administrator of Lakshmi Vilas Bank during November 2020 and facilitated merger with DBS Bank India Ltd. Shri Manoharan served as member of the advisory board on Banks, Commercial and Financial Frauds constituted by the CVC and RBI from 2012 to 2014. He was Chairman of the Task Force constituted by RBI for making recommendations for establishing secondary market for Corporate Loans in India during June to August 2020. He was Member of the Expert Committee constitute by RBI for Resolution framework of corporate loans for Covid 19 related stress from August 2020 to June 2021.

Shri Manoharan was awarded the Business Leadership award & Indian of the year 2009 as part of the Satyam revival team and was also conferred with India's prestigious civilian award "Padma Shri".

Shri Manoharan is presently on the Board of Tech Mahindra Ltd., Mahindra & Mahindra Ltd., Tech Mahindra America and Member of the Standing External Advisory Committee constituted by the RBI for evaluation of applications for Universal banks and Small Finance Banks for 3 years since March, 2021.

Shares of IDBI Bank Limited was last trading in BSE at Rs. 45.10 as compared to the previous close of Rs. 44.20. The total number of shares traded during the day was 807798 in over 2361 trades.

The stock hit an intraday high of Rs. 45.80 and intraday low of 44.65. The net turnover during the day was Rs. 36545645.00.

Source : Equity Bulls

Keywords

IDBIBank INE008A01015 Appointment AdditionalDirector Independent