 "Dhanlaxmi Bank")
The Reserve Bank of India (RBI) on Tuesday cleared the appointment of K N Madhusoodanan as a part-time chairman of Kerala-based Dhanlaxmi Bank. This comes after a period of 21 months during which the company was without a chairman, following the resignation of G Subramonia Iyer in December 2021 for personal reasons.
Madhusoodanan has been an independent director with the bank since 2022. This appointment also follows the RBI's rejection of a proposal to appoint G Rajagopalan Nair as its part-time chairman. Nair has also been an independent director with the bank since August 2020.
Madhusoodanan is a successful entrepreneur with business interests in diverse fields. He is the managing director of various private limited companies, including those in the MSME sector. Madhusoodanan is also involved in social service activities aimed at improving the economic conditions of socially and economically disadvantaged individuals in rural areas. He is associated with social service organisations in Kerala. According to the company's website, he holds 491,360 equity shares of the bank (0.19 per cent), while Mavanal Granites, where he serves as both promoter and managing director, holds 433,210 equity shares of the bank (0.17 per cent).
