Dhanlaxmi Bank independent director resigns citing differences from other board members
independent director of private sector Dhanlaxmi Bank has resigned from the bank's board citing factionaism on the board as well as unethical conduct of the bank's businesses which includes misusing the one-time settlement mechanism for bad loan resolution.
The director, Sridhar Kalyanasundaram, who was appointed to the board in December last year, wrote a tell-all resignation letter to the board detailing his differences regarding rights issue of shares, complained of lack of support from other board members and raised concerns over their ‘lack of in depth banking knowledge’.
He has also pointed fingers at Reserve Bank of Indias' nominee director for overlooking the alleged bad loan settlement irregularities.
«I was having little or no support from the other members of the board on thevarious issues affecting the bank — mainly due to lack of depth of knowledge in banking and also due to the factionalism in the board,» he wrote.
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« Back to recommendation storiesI don't want to see these stories becauseSUBMITHis resignation was accepted with effect from September 16, that's the date of his letter, in which he also criticised the managing director of the bank Shivan JK for ignoring shareholders' concerns.
«There are many instances where despite the value of the inputs given, my inputs have been deliberately negated / avoided / overruled by the other members of the board, just to support the belligerent attitude of the MD & CEO — who is on public record (in the vernacular press) that he
