Lakshmi Vilas Bank MD and CEO Parthasarathi Mukherjee resigns

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Published: August 29, 2019 1:39:03 AM

“Parthasarathi Mukherjee, MD & CEO of our bank, has submitted his resignation letter dated August 28, 2019, owing to personal reasons. The letter was placed before the board in the meeting held on Wednesday and the board has accepted the same”, LVB said in the disclosure.

Lakshmi Vilas Bank MD resigns, Parthasarathi Mukherjee, IBHFL, Indiabulls Commercial CreditHe has been holding the post of the MD and CEO of the bank since January 25, 2016 and was reappointed for a tenure of two years from January 25, 2019.

Parthasarathi Mukherjee, MD & CEO of Lakshmi Vilas Bank (LVB), has resigned owing to personal reasons. Mukherjee will be relieved of his responsibilities on August 31 according to his request, LVB informed the stock exchanges on Wednesday.

“Parthasarathi Mukherjee, MD & CEO of our bank, has submitted his resignation letter dated August 28, 2019, owing to personal reasons. The letter was placed before the board in the meeting held on Wednesday and the board has accepted the same”, LVB said in the disclosure. He has been holding the post of the MD and CEO of the bank since January 25, 2016 and was reappointed for a tenure of two years from January 25, 2019.

The bank is in the process of getting approvals from the regulators for a proposed merger of Indiabulls Housing Finance (IBHFL) and its wholly owned subsidiary Indiabulls Commercial Credit with LVB. According to the plan, IBHFL is to hold around 90.5% of the post-merger enhanced equity capital of the merged entity, while shareholders of LVB are to hold around 9.5%. IBHFL recently said that it had proposed Sameer Gehlaut as the non-executive chairman and Gagan Banga as the MD and CEO of the amalgamated bank. For LVB, the merger proposal came at a time when the bank has been looking for capital for its growth even as its assets quality has worsened.

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