 "Sanjiv Misra")
Axis Bank has appointed Sanjiv Misra, a retired bureaucrat, as non-executive chairman and independent director for a period of five years.
It also elevated two senior executives - Rajiv Anand and Rajesh Dahiya - as executive directors (EDs); they would also get a berth on the board of directors.
Misra's appointment came a day after he resigned as the bank's non-executive chairman as a nominee of Special Undertaking of UTI (SUUTI).
The right of SUUTI, promoter of Axis Bank, to appoint the chairman and three directors on the board of bank stands rescinded. This follows the amendments to Articles of Association approved by shareholders on May 10, 2016. Now, the right to appoint these directors and chairman vests with shareholders of private bank.
"Misra was earlier the SUUTI nominee on the board as non-executive chairman for three years till May 11, 2016. The right of SUUTI to appoint the Chairman of the Bank, under the old Article 89 (1) of the Articles of Association was rescinded with effect from May 10, post amendment of the Articles of Association," the country's third-largest private lender said in a statement.
SUUTI, a special undertaking formed to own UTI's stake in Axis Bank, L&T and ITC, owns 11.93 per cent in the private lender which was earlier known as UTI Bank.
The appointment of Misra, a career bureaucrat who served as finance secretary at the time of superannuation in 2008, is subject to approvals from shareholders and the Reserve Bank of India, it said.
Prior to his elevation as ED, Anand was the group executive and head-retail banking, while Dahiya was group executive and head-Corporate Centre.
"Their combined diversity of experience would further strengthen and help add strategic value to the board. As executive directors, they will be actively involved in the bank's overall strategy. They will have the specific responsibility for key corporate and retail banking functions," Axis Bank Managing Director and Chief Executive Shikha Sharma said.
