Lakshmi Vilas Bank shareholders vote against reappointment of top brass

RBI approved a Committee of Directors, composed of three independent directors, who would run the day-to-day affairs of the lender

A large section of shareholders of ailing Lakshmi Vilas Bank (LVB) voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors, at the recent annual general meeting (AGM).
 

In a latest development, the Reserve Bank of India (RBI) approved a Committee of Directors (CoD), composed of three independent directors, who would run the day-to-day affairs of the lender.
 

This CoD will exercise the discretionary powers of MD & CEO in the ad-interim and is composed of Meeta Makhan - Chairperson of the Committee of Directors, Shakti Sinha - Member and Satish Kumar