Dhanlaxmi Bank appoints JK Shivan as MD & CEO

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January 27, 2021 7:44 AM

Dhanlaxmi Bank said on Tuesday that the resolution to appoint JK Shivan as the next managing director and CEO of the bank was passed with an overwhelming majority of 99.81%.

Dhanlaxmi bank, new MD, CEO of Dhanlaxmi Bank, JK ShivanDhanlaxmi Bank gets new MD & CEO via electronic voting

Dhanlaxmi Bank said on Tuesday that the resolution to appoint JK Shivan as the next managing director and CEO of the bank was passed with an overwhelming majority of 99.81%. The bank in a regulatory filing said that 105  shareholders, who account for 99.81% the total votes cast, voted for the resolution, while 18 shareholders who account for 0.19 % of the votes opposed the resolution.

The bank Board had moved a resolution on December 26, as asked by RBI, for shareholders approval via electronic voting, for the appointment of Shivan as the next managing director and CEO the bank. The last MD and CEO of the bank Sunil Gurbaxaniwas voted out from the post of managing director and CEO of Dhanlaxmi Bank by more than 90% of the shareholders on October 1, in the first AGM held after he was appointed in February 2020.

The bank is currently managed by a committee of directors(COD) and RBI has given the bank four months to appoint a new head. RBI has to give the final approval for the appointment of Sivan, following which the Board of directors of the bank can officially appoint him as the MD and CEO, bank sources said. The tenure of the COD expires on January 31, 2021 and the RBI is likely to give an extension to the COD until the new MD and CEO takes charge.

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