REUTERS - Small-sized private lender Dhanlaxmi Bank said its Managing Director and Chief Executive Amitabh Chaturvedi has resigned on Monday.
The lender did not give any reason but the Business Standard newspaper said Chaturvedi resigned due to disagreement with other board members over the functioning and management of the bank's operations.
P.G. Jayakumar, executive director, will replace Chaturvedi, the paper said. http://link.reuters.com/jew46s
Chaturvedi was president of Reliance Capital Ltd , the financial services arm of Anil Ambani's Reliance group, before joining Dhanlaxmi in October 2008.
An industry union alleged irregularities in Dhanlaxmi's accounts and demanded Chaturvedi's resignation last October.
The All India Bank Officers Confederation alerted the Reserve Bank of India about what it said was manipulation of accounts and provisioning, poor capital adequacy ratio and asset-liability mismatch in the Kerala-based Dhanlaxmi.
The bank denied all the charges.
Shares of Dhanlaxmi, which has a market capitalisation of $98.5 million, were down about 2 percent at 55.1 rupees in Mumbai trading.
(Reporting by Swati Pandey in MUMBAI; Editing by Rajesh Pandathil)
