Sajeev Krishnan, part-time Chairman and independent director of Dhanlaxmi Bank, resigned on June 29 citing personal reasons, the bank said in a communique to exchanges. His resignation will be with effect from June 29.
According to people familiar with the development, Krishnan resigned from the bank ahead of his term on account of differences with the management. He had joined the Kerala-headquartered bank as part-time Chairman in February 2018 for a period of three years.
“It appears that he didn’t want to continue on account of some differences with the management,” said an industry official on condition of anonymity.
Krishnan has been with the State Bank group since 1977. He handled large credits and projects and internal audit at State Bank of India (SBI) in the Republic of Maldives from 1998 to 1999. In 2004, he was promoted as a Deputy General Manager and deputed to State Bank of Indore to head the integrated treasury and risk management departments.
Last week, Dhanlaxmi Bank reported a 90.5 percent decline in net profit at Rs 2.6 crore for the January-March quarter, hit by higher provisions for bad loans and contingencies. In the year ago quarter, the bank posted a profit of Rs 27.61 crore.
Last year, the Reserve Bank of India (RBI) took the lender out of prompt corrective action (PCA), subject to certain conditions and continuous monitoring, after the regulator noted improvement in the bank’s financials.Dhanlaxmi Bank’s shares ended the day at Rs 14.85, down 4.19 percent on the BSE.