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Dhanlaxmi Bank MD Sunil Gurbaxani voted out by shareholders at AGM

Only 9.51 per cent of the votes were polled in favour of his appointment and out of the 10 resolutions moved at the AGM, the shareholders had passed nine and defeated one.

Published: 30th September 2020 04:47 PM  |   Last Updated: 30th September 2020 04:47 PM   |  A+A-

Ousted Dhanlaxmi Bank CEO Sunil Gurbaxani

Ousted Dhanlaxmi Bank CEO Sunil Gurbaxani

By IANS

CHENNAI: The shareholders of Kerala-based small private sector Dhanlaxmi Bank on Wednesday voted out Managing Director and CEO Sunil Gurbaxani at the annual general meeting (AGM). The 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.

Only 9.51 per cent of the votes were polled in favour of his appointment. Out of the 10 resolutions moved at the AGM, the shareholders had passed nine and defeated one. This is the second private bank where the shareholders have voted against the appointment of the Managing Director and CEO in recent days.

Earlier, the shareholders of Lakshmi Vilas Bank (LVB) had voted out seven directors, including the Managing Director and CEO, in the AGM.



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