Turmoil at Lakshmi Vilas Bank: AGM drama, current situation and what next

There was a great deal of drama at Lakshmi Vilas Bank's annual general meeting (AGM) on September 25, with the majority of shareholders rejecting the appointment or re-appointment of all seven members of the board, including the Managing Director and CEO, S Sundar. The development was unprecedented and rare. The Reserve Bank of India (RBI) on September 27 approved an interim arrangement under which the bank would be run by a Committee of Directors (CoD), consisting of three independent directors vested with the discretionary powers of MD & CEO. 

How did a profitable bank founded 94 years ago to serve small businesses became a headless institution?