Dhanlaxmi Bank's Board appoints committee after shareholders oust CEO

Independent directors G. Subramonia Iyer, G Rajagopalan and P K Vijayakumar form the CoD. Iyer will be chairperson.

Dhanlaxmi Bank’s board has appointed a committee of directors (CoD) to manage the day-to-day affairs of the bank. The development comes a day after the bank’s shareholders voted against Managing Director and Chief Executive Officer Sunil Gurbaxani.
 
In an announcement to BSE, the bank said the RBI had, as requested by the board of directors, approved an interim arrangement for formation of the CoD to exercise the powers of managing director & CEO till such time a new MD & CEO takes charge.
 
As advised by the RBI, the interim arrangement would not continue beyond four months, within