Suspense continues over the next course of action at the Kerala-based Dhanlaxmi bank, a day after the shareholders voted out Managing Director (MD) and CEO Sunil Gurbaxani at the annual general meeting (AGM) on September 30, said industry officials.
"The bank has communicated the matter to the Reserve Bank of India (RBI) about the shareholders' decision at the AGM to vote out Gurbaxani. The bank Board has sent to RBI its decision to form a Committee of Directors (CoD) to manage the day-to-day affairs of the bank till a new Managing Director and CEO is appointed," a source told IANS preferring anonymity.
The bank Board has recommended a three-member CoD comprising G. Subramonia Iyer (Chairman), G. Rajagopalan and P. K. Vijayakumar.
On the other hand Gurbaxani has not put in his papers after the shareholders voted him out.