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.
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.
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
BUSINESS
RBI appoints additional director on Dhanlaxmi Bank board
Dhanlaxmi Bank recently witnessed a series of exits from the Board including Chairman.
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.
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
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
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.
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
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
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
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
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.
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
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.
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.
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.
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.
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.
BUSINESS
Banking Central | An ‘Aatmanirbhar’ interest waiver solution on the cards?
The loan moratorium scheme, which was pitched as an emergency relief measure by the RBI in the wake of the pandemic, has now become a burden for borrowers who opted for it. Will they get a relief? If they do, who will bear the cost?
BUSINESS
Another US-based law firm Pomerantz announces class action suit against HDFC Bank on ‘false and misleading’ statements about its business
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Bank's business, operational and compliance policies. HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting, it said.
BUSINESS
Rosen Law, Schall file class-action suits against HDFC Bank in US, allege lack of disclosure
The lawsuits have been filed in the US District Court Eastern District of New York and names HDFC Bank’s outgoing managing director Aditya Puri and CEO-designate Sashidhar Jagdishan along with other officials.
BUSINESS
Is the Banking Regulation (Amendment) Bill a panacea to co-operative banking mess?
While more powers to RBI is good news for UCBs, questions arise on why rural co-operative banks have been left out of the regulatory overhaul.
BUSINESS
PMC Bank crisis one year on: No resolution in sight yet
During investigations, it was found that the bank had been allegedly running fraudulent transactions for several years to facilitate lending to HDIL through fictitious accounts and violating single-party lending rules.
