Shivan JK is ought to be the new Managing Director and Chief Executive Officer (CEO) of Dhanlaxmi Bank. So far, he has handled various roles including forex operations.
It showcased the approval from its shareholders to authorize the board to appoint Shivan as MD and CEO of the bank, Dhanlaxmi Bank cleared out its statement in a notice of postal ballot.
The development was made beforehand after the Reserve Bank of India officially appointed General Manager D K Kashyap on the bank board for two years. He was also experienced as Branch Head and Regional Head in SBI. Moreover, he was a retail branch head for six years in Kerala in rural and urban centers of SBI.
In September, shareholders of Dhanlaxmi Bank ousted former CEO Sunil Gurbaxami. The proposal by Gurbaxani that was approved as MD CEO was opposed by over 90% of shareholders at the annual general meeting.
Moreover, the bank was placed under the Prompter’s Corrective Action Framework by the RBI in November 2015 with the reason to deteriorate financial health. In the previous year, it came out of these restrictions.
Bank unions AIBOC and AIBEA waved a flag of concern for the development of Dhanlaxmi Bank. Later, immediate corrective measures were taken by the RBI. The bank has been looking forward to renewing its policy norms in a more improved way.
Gurbaxani prompted that conspiracy was hatched and it needs a critical investigation. He said that he has only raised governance issues and has become a victim. The end should be seen as a true result of ethics and governance. However, the ordinary resolution moved for Gurbaxani’s appointment was defeated with 90.49 percent of the votes against the proposal in September 2020. Over 9.51 percent of the votes were catered in favor of the appointment.