Dhanlaxmi Bank’s part-time chairman resigns from board

Sources successful the slope said that Iyer resigned owed to wellness reasons.

Dhanlaxmi Bank said successful a regulatory filing connected Thursday that part-time president and autarkic manager of the slope G Subramonia Iyer has submitted his resignation from the committee of directors of the bank, owing to definite urgent and emergent idiosyncratic reasons.

The Kerala-based slope has been successful the quality precocious for each the incorrect reasons, including an RBI advisory to guarantee transparency successful the information process of directors and travel champion firm governance practices. Sources successful the slope said that Iyer resigned owed to wellness reasons.

The lender presently has conscionable 5 directors against the maximum spot of 11. It besides has 2 RBI nominees connected committee arsenic further directors. It does not person a chartered accountant connected committee arsenic manager aft the tenure of the erstwhile chartered accountant-director ended connected September 30,2020. Some shareholders,including erstwhile directors, person besides approached the tribunal aft the slope committee rejected their candidature, moved nether Section 160 of the Companies Act. The slope reported a 74% year-on-year diminution successful its 2nd 4th nett profits to `3.66 crore, with atrocious loans increasing.