Dhanlaxmi seeks shareholders’ ‘go’ to appoint Sivan JK as new MD & CEO

Post of MD & CEO remained vacant since Sept 30

THRISSUR/December 26-2020: The Kerala’s Dhanlaxmi Bank has sought the ratification of shareholders through postal vote endorsing the board of directors to appoint Shivan JK as Managing Director & CEO with an aggregate annual remuneration of Rs1.20 crore.

“The cut-off date (i.e. the record date) for the purpose of voting is Friday, December 18, 2020, and the voting rights will be one vote per equity share registered in the name of the shareholders/ beneficial owners as on that date,” a regulatory note sent to the stock markets has stated.

Shivan has over three-and-half decades of experience in banking, and has handled various areas in commercial banking at SBI. He has headed corporate banking, international banking, forex operations, and was also involved in retail advances and agriculture credit in SBI.

“The Board of Directors of the Bank (Dhanlaxmi)had recommended a panel of candidates to Reserve Bank of India (RBI) for appointment as Managing Director & CEO. One of the candidates recommended by the Board was Shivan,” the bank said in its regulatory filing.

The move to appoint Sivan to helm the bank gains significance for the fact that it has been necessitated by the ouster of then incumbent managing director and CEO of the bank, Sunil Gurbaxani, at the bank’s annual general meeting (AGM) on September 30.

Gurbaxani’s unceremonious removal was viewed as bizarre by the banking industry as an ordinary resolution moved for Gurbaxani’s appointment was defeated with 90.49 per cent of the votes polled against the proposal, as per the regulatory filing.

Earlier, the shareholders of Lakshmi Vilas Bank (LVB) had also voted out seven directors, including the Managing Director and CEO of the bank, in its AGM. The bank has since then been taken over by Indian arm of the Singapore’s DBS bank.

Leave a Reply

Your email address will not be published. Required fields are marked *