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Dhanlaxmi Bank proposes to appoint Shivan J K as new MD & CEO

Earlier, Dhanlaxmi Bank shareholders had rejected the appointment of former CEO Sunil Gurbaxani.

December 27, 2020 / 08:31 AM IST
Dhanlaxmi Bank | Chartered Finance & Leasi NG Limited acquired 16,45,000 shares in company at Rs 12 per share on the NSE.

Dhanlaxmi Bank | Chartered Finance & Leasi NG Limited acquired 16,45,000 shares in company at Rs 12 per share on the NSE.

 
 
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Kerala-based private sector lender, Dhanlaxmi Bank has proposed the name of former State Bank of India (SBI) official, Shivan J K as its new Managing Director and Chief Executive Officer (CEO) of the bank. The bank has sought the approval from its shareholders to authorize the Board to appoint Shivan as the new chief of the bank, Dhanlaxmi said in a notification to stock exchanges.

Shivan, who has over three and half decades of experience in banking,  has handled various areas areas in commercial banking at SBI. He has headed corporate banking, international banking,  forex operations and was also involved in retail advances and agriculture credit in SBI.

Shivan J.K retired as Chief General Manager of Stressed Assets Resolution Group of SBI. Shivan was retail branch head for six years in Kerala in rural and urban centres of SBI.

Also, Shivan has handled sectoral teams handling stressed accounts in the infrastructure and commercial real estate and then in he Airlines, Telecom, Trading, Gem & Jewellery, Food Processing , edible oil processing.

Dhanlaxmi Bank has sought the shareholders’ approval through postal ballot. “E-voting facility is available at the link https://www.evoting.kfintech.com/ from Sunday, December 27, 2020, 9.00 AM (1ST) onwards to Monday, January 25, 2021, 5.00 PM (1ST),” the bank said.

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The Scrutinizer will submit his report to the Chairman on January 26, 2021 after completion of the scrutiny, the bank said in its communication to stock exchanges.

Dhanlaxmi Bank shareholders had ousted former CEO Sunil Gurbaxani in the ban’s Annual General Meeting (AGM) in September. Following this, the RBI appointed a committee of creditors to look after the daily operations of the bank.

According to a Board member who didn't want to be named, the RBI asked the bank to get the shareholders approval before taking the name to RBI probably factoring in the shareholders move against the former CEO.

At the September 30 AGM, shareholders had ousted Gurbaxani, the RBI-appointed MD & CEO with over 90 percent votes polled turning against his appointment.

In the last few months, Dhanlaxmi has witnessed several senior level exits. In June, three members of the board, including the chairman, quit due to differences with a section of shareholders but cited personal reasons for moving out.

Earlier, in an Exclusive interview given to Mneycontrol  Gurbaxani had sought a probe into the events that led to his exit saying that neither the shareholders nor the Board had given him any hints of any performance issues during his six month tenure.

The decision of shareholders came as a surprise to him, Gurbaxani said. He alleged serious corporate governance issues in the bank.

 

 
Dinesh Unnikrishnan
first published: Dec 26, 2020 10:47 pm

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