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Dhanlaxmi Bank shareholders vote out CEO Sunil Gurbaxani

The shareholders of Kerala-based Dhanlaxmi Bank have voted out Sunil Gurbaxani as MD & CEO at the annual general meeting (AGM) on Wednesday

twitter-logoBusinessToday.In | September 30, 2020 | Updated 18:38 IST
Dhanlaxmi Bank shareholders vote out CEO Sunil Gurbaxani
Dhanlaxmi Bank

The shareholders of Kerala-based Dhanlaxmi Bank have voted out Sunil Gurbaxani as MD & CEO at the annual general meeting (AGM) on Wednesday. The ordinary resolution to appoint Gurbaxani was defeated with 90.49 per cent of the votes polled against the proposal, according to an exchange filing.

Only 9.51 per cent of the votes were polled in favour of his appointment. Of the 10 resolutions moved, the shareholders had passed nine and defeated one. Gurbaxani took charge in February this year. He has over 35 years of banking experience with State Bank of Bikaner & Jaipur (now State Bank of India) and Axis Bank and handled various roles and responsibilities including operations head, Assistant General Manager, Assistant Vice President, Vice President, Senior Vice President and Executive Vice President.

The development comes days after shareholders of Lakshmi Vilas Bank (LVB) ousted seven directors in the AGM. The shareholders voted against the reappointment of seven directors to its board, including Managing Director and Chief Executive Officer (CEO) S Sundar. The shareholders voted against the reappointment of N Saiprasad (promoters), K R Pradeep and Raghuraj Gujjar as non-executive and non-independent directors and B K Manjunath, Gorinka Jaganmohan Rao and Y N Lakshminarayana Murthy as non-executive and independent directors.

In Q1FY21, Dhanlaxmi Bank posted a 69 per cent decline in its net profit at Rs 6.09 crore due to higher provisioning. The bank had registered a net profit of Rs 19.84 crore during the same quarter of the previous fiscal. On a sequential basis, however, its net profit in the quarter under review increased from Rs 2.6 crore in the March 2020 quarter.

Also read: RBI approves panel of 3 independent directors to run Lakshmi Vilas Bank

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