Dhanalaxmi bank awaits RBI decision after shareholders voting out Managing Director
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Kochi: Thrissur based Dhanalaxmi Bank's shareholders are looking forward to the Reserve Bank of India for its decision on the future course of action at the bank after they voted out Managing Director (MD) and CEO Sunil Gurbaxani at the annual general meeting on Wednesday.
During the bank's 93rd annual general meeting, 90.49 per cent of the total valid votes were polled against Gurbaxani's appointment, which was approved by the RBI in February.
According to sources, shareholders cited 'cultural mismatch' due to the appointment that resulted in disappointment among customers, leading to the rejection of the CEO appointment resolution.
The rejection comes just a week after Lakshmi Vilas Bank shareholders rejected the appointment of seven director, including MD & CEO S. Sundar.
The Dhanalaxmi bank's shareholders want to see whether the central bank will direct to call another AGM as per the provisions of the Banking Regulations Act.