Shareholders had rejected the appointment of seven directors, including the CEO, the CEO and the auditors, at the General Shareholders’ Meeting on September 25.
The Directors Committee appointed by the RBI will exercise the discretionary powers of the Chief Executive Officer and the CEO in the interim.
- News18.com
- Last update: September 28, 2020 10:01 AM M. IST
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The Reserve Bank of India (RBI) said on Monday that the day-to-day affairs of Lakshmi Vilas Bank will be handled by a Board of Directors that will exercise the discretionary powers of the Chief Executive Officer and the CEO in the meantime.
At Lakshmi Vilas Bank’s last Annual General Meeting last week, shareholders had disapproved of seven of the board members continuing. In its latest result, the bank reported a negative level one index of -1.83 percent.
Deposits in the June quarter stood at Rs 21,161 crore, down 27% from prior year levels and 1.3% from the prior quarter. Depositors may not welcome the news of the gap at the top after the last AGM.
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