Banking

Dhanlaxmi Bank may appoint former SBI official J K Shivan as its MD & CEO

Read more at www.business-standard.com


Limited is planning to appoint J K Shivan as the Managing Director & CEO of the Bank.


Shareholders of Kerala-based had voted against former managing director and CEO Sunil Gurbaxani on September 30. He, however, alleged that directors put pressure on him to quit after he raised various governance issues.



The Board of Directors of the bank recommended a panel of candidates to Reserve Bank of India for appointment as Managing Director & CEO. One of the candidates recommended by the Board was Shivan. The banking regulator has directed the Bank to submit a proposal before it after the appointment of Shivan is approved by the shareholders.


Therefore, the Board of Directors have placed the proposal for the consent of the shareholders authorising the bank to appoint Shivan as Managing Director & CEO.


Shivan has over 37 years of experience in


He has headed corporate banking, international & forex operations and was also involved in retail advances and agriculture credit.


He also has experience as Branch/ Regional Head in He retired as Chief General Manager of Stressed Assets Resolution Group of He was retail branch head for six years in in rural and urban centres of SBI.


Gurbaxani was appointed as Managing Director & CEO of the Bank for a period of three years with effect from February, 2020. However, the ordinary resolution moved for Gurbaxani’s appointment was defeated, with 90.49 per cent of the votes polled against the proposal in September 2020. 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.


Gurbaxani alleged that a conspiracy was hatched and it needs to be investigated. “Just because I have raised governance issues I have become a victim. The exit should be seen as a result of staying truthful to ethics and governance,” he had earlier said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Read more at www.business-standard.com

Show More

Related Articles

Back to top button