Dhanlaxmi sees a subdued EGM; financial concerns, rights issue discussed

The EGM was called by a group of minority shareholders unhappy with the workings of the bank and its financials

Contrary to expectations, Thrissur-based Dhanlaxmi Bank saw a subdued extraordinary general meeting (EGM) on Sunday that got over within an hour’s time. The meeting discussed all issues raised by a group of 11 minority shareholders, including rising expenses, low capital adequacy, and the overall financial performance of the bank.

In addition, the planned rights issue was also discussed at the EGM, which had only three registered speakers. There was no resolution or outcome at the meeting. It was more of a question-and-answer session, said a source aware of the development.

The EGM was called by a group of minority shareholders unhappy with