Dhanlaxmi Bank's independent director quits citing attitude of MD & CEO, multiple other issues

livemint.com:

Sridhar Kalyanasundaram one of the Independent Director of the Dhanlaxmi Bank, has resigned from the Board of Directors post of the Bank, as stated in a regulatory filing by the bank. The letter of resignation of Sridhar Kalyanasundaram,detailing his reasons for the resignation and stated that there has been instances where despite the value of the inputs given by the Independent Director , inputs have been deliberately negated / avoided / overruled by the other members of the Board, just to support the belligerent attitude of the MD & CEO of the Bank.

The specific instances in the following paragraphs are probably the drivers of my decision to quit rather than fight a lone battle where the other members of the board are either incapable of comprehending the impact of the issues or are deliberately siding with the MD & CEO, for reasons known only to them. a.

The Rights Issue of the Bank - was approved by the Board of the Bank on the 17th March 2022, and had to be held up for over 9 months since then due to the various issues at the Board, including the status of the Board itself 'lacking composition required to transact the Rights Issue' till the 95th AGM of 30th December 2022 - the delay due to the two writ-petitions and resultant 'compromise settlements', etc. b.

Despite that, from the 6th of January 2023, the those of us on the Equity Issuance Committee (EIC) had applied ourselves with gusto to get the issue of the Block, and I personally had raised 81 queries on the then-submitted version of the Issue Agreement proposed with the Issue Manager. It is even today unresolved, despite various legal inputs from different quarters, and 'compromise meetings' held by the Chairman of the EIC in the months of June/July.

c. I