Moneycontrol PRO

Dinesh Unnikrishnan

Deputy Editor

Moneycontrol

Exclusive | Ousted Dhanlaxmi CEO Sunil Gurbaxani says probe is warranted into issues leading to his exit

BUSINESS

Exclusive | Ousted Dhanlaxmi CEO Sunil Gurbaxani says probe is warranted into issues leading to his exit

Sunil Gurbaxani says allegations of supporting the ‘north lobby’ are baseless and far from the truth. “No such lobby exists,” he tells Moneycontrol in an interview.

RBI appoints three-member committee of directors in Dhanlaxmi Bank

BUSINESS

RBI appoints three-member committee of directors in Dhanlaxmi Bank

Moneycontrol first reported on Thursday morning that Dhanlaxmi Board has recommended a three-member committee of directors to the RBI.

Explained | CARE rating action puts spotlight on stress on Shapoorji Pallonji’s cash flows

BUSINESS

Explained | CARE rating action puts spotlight on stress on Shapoorji Pallonji’s cash flows

Timely resolution of ongoing dispute with Tata Sons Private Limited will be critical for SPCPL, says CARE.

Crisis-ridden LVB may look at a rights issue to raise capital

BUSINESS

Crisis-ridden LVB may look at a rights issue to raise capital

LVB has already engaged informally with some of its existing investors to understand their willingness to participate in the issue. Rights issue is an active option on the table.

Dhanlaxmi Bank’s board recommends 3-member committee of directors to RBI

BUSINESS

Dhanlaxmi Bank’s board recommends 3-member committee of directors to RBI

The RBI is understood to have hinted that Sunil Gurbaxani should continue as a caretaker CEO but the board is not in favour of this suggestion.

Will wait for RBI directions before resigning, says Dhanlaxmi Bank’s ousted CEO Sunil Gurbaxani

BUSINESS

Will wait for RBI directions before resigning, says Dhanlaxmi Bank’s ousted CEO Sunil Gurbaxani

Over 90 percent of the shareholders voted against Gurbaxani’s appointment on Wednesday while a tad above 9 percent voted in favour.

LVB redux: Dhanlaxmi Bank shareholders oust MD and CEO Sunil Gurbaxani

BUSINESS

LVB redux: Dhanlaxmi Bank shareholders oust MD and CEO Sunil Gurbaxani

After last week's ouster of directors, including the interim CEO and statutory auditors, by shareholders of Lakshmi Vilas Bank, a similar event plays out at Kerala-based Dhanlaxmi Bank.

LVB Bank: Following AGM drama, RBI pushes for an early merger

BUSINESS

LVB Bank: Following AGM drama, RBI pushes for an early merger

Pressure mounts on Clix Group and Lakshmi Vilas Bank to seal merger quickly. RBI concerned about the situation at LVB after the ouster of most directors from the Board by shareholders last week. The bank is currently run by a three-member committee of independent directors. If the Clix deal fails, the regulator may look at other options

RBI appoints additional director on Dhanlaxmi Bank board

BUSINESS

RBI appoints additional director on Dhanlaxmi Bank board

Dhanlaxmi Bank recently witnessed a series of exits from the Board including Chairman.

Rift at the top may reflect in Dhanlaxmi Bank’s AGM tomorrow

BUSINESS

Rift at the top may reflect in Dhanlaxmi Bank’s AGM tomorrow

There is speculation that a section of Dhanlaxmi Bank shareholders could vote against the appointment of the CEO. Recently, a series of exits from the board had alerted RBI about the infighting at the top. The AGM could turn out to be quite a lively affair, a la Lakshmi Vilas Bank.

What next for Lakshmi Vilas Bank?

BUSINESS

What next for Lakshmi Vilas Bank?

After rejection of 7 directors and statutory auditors, a Committee of Directors have taken charge to run the show in LVB following RBI directive. But, this arrangement can’t go on for long. LVB needs a suitor with good capital strength

Banking Central | Don’t expect fireworks from MPC this week

BUSINESS

Banking Central | Don’t expect fireworks from MPC this week

The MPC is in a tight spot. It cannot cut rates at this stage when the retail inflation continues to be high. At the same time, ignoring signs of a deepening growth contraction will be a mistake

LVB says RBI approves committee of directors to run day-to-day affairs

BUSINESS

LVB says RBI approves committee of directors to run day-to-day affairs

Earlier, the shareholders of the bank had rejected appointment of seven directors including the MD and CEO and auditors at the annual general meeting on September 25.

Lakshmi Vilas Bank says liquidity position strong, have a fully functional board

BUSINESS

Lakshmi Vilas Bank says liquidity position strong, have a fully functional board

Shareholders of LVB have rejected proposals to appoint seven directors to the board, including the Managing Director and CEO S Sundar, the lender said in an exchange communication to exchanges on September 26

Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors

BUSINESS

Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors

Moneycontrol first reported on Saturday evening that a section of shareholders has voted against the appointment of seven directors including the CEO and the statutory auditors

Lakshmi Vilas Bank AGM | Section of shareholders vote against re-appointment of 7 directors and auditors

BUSINESS

Lakshmi Vilas Bank AGM | Section of shareholders vote against re-appointment of 7 directors and auditors

LVB shareholders are unhappy with the way bank is managed and the sharp deterioration in finances. Opposition against appointment of directors, including CEO S Sundar, comes as lender is in talks with Clix Capital for a merger and secure much -needed capital

Those who repaid loans despite COVID difficulties must be rueing their decision, says Brickwork Ratings

BUSINESS

Those who repaid loans despite COVID difficulties must be rueing their decision, says Brickwork Ratings

The financial sector will witness severe stress with the extension of the moratorium and restructuring being planned, says Brickwork Ratings

Analysis | IBC suspension gives firms a breather but bad asset resolution takes a backseat

BUSINESS

Analysis | IBC suspension gives firms a breather but bad asset resolution takes a backseat

A major reform for Indian banking, the IBC is aimed at helping lenders in a time-bound bad asset resolution process. That mechanism will be in suspension for nine straight months now.

Explainer | RBI rejects all bids in OMO: What does it mean?

BUSINESS

Explainer | RBI rejects all bids in OMO: What does it mean?

The RBI's idea is to help the government contain borrowing costs for remainder of the fiscal year

What is the actual COVID impact on bank NPAs?

BUSINESS

What is the actual COVID impact on bank NPAs?

Indian banks may be looking at a prolonged period of uncertainty on asset quality front for about two years on account of significant restructuring exercise for COVID-linked loans.

RBI says no resolution plan yet for PMC Bank, appoints new administrator

BUSINESS

RBI says no resolution plan yet for PMC Bank, appoints new administrator

The RBI appointed former Union Bank of India executive, A K Dixit as the new administrator of PMC Bank in the place of the present Administrator J.B. Bhoria who is stepping down on September 22, 2020 due to health reasons.

NBFC-MFI loan disbursements plummet during COVID; industry hopeful of early recovery

BUSINESS

NBFC-MFI loan disbursements plummet during COVID; industry hopeful of early recovery

MFIs are institutions that borrow from banks and lend to small borrowers at a margin. The COVID lockdown had severely impacted the operations of these institutions as collection process took a hit.

Privatise select PSBs, overhaul bad loan management, says new paper by Raghuram Rajan and Viral Acharya

BUSINESS

Privatise select PSBs, overhaul bad loan management, says new paper by Raghuram Rajan and Viral Acharya

Suggesting ways to change ownership structure of public sector banks, the paper said state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 percent.

Dhanlaxmi Bank sacks senior executive after RBI directive

BUSINESS

Dhanlaxmi Bank sacks senior executive after RBI directive

Banking regulator cites failure to adhere to good corporate governance practices. The Kerala-based bank has been in a state of flux due to a raft of exits from the board.

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