RBI extends tenure of candidate for Dhanlaxmi Bank board

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Mohan was appointed as an additional director by the RBI for a two-year term on February 27, 2020.

Dhanlaxmi Bank said in a regulatory filing on Friday that the Reserve Bank of India has extended the tenure of Dr. G Jagan Mohan, additional director, for a further two-year period from February 27, 2022 to February 26, 2024, or until later. . orders whichever comes first.

Mohan, an RBI candidate, was appointed as an additional director by the RBI for a two-year term on February 27, 2020.

Currently, the Thrissur-based lender has just 6 directors, including two RBI nominees against a maximum staff of 11.

The Reserve Bank of India (RBI) had advised Dhanlaxmi Bank in June 2021 to ensure transparency in the director nomination process and follow best practices in corporate governance.

The regulator, while pointing out that the bank has had a checkered history on governance issues, ordered the bank to expedite and complete the process of nominating directors in accordance with the best governance standards.

An appeal lodged by a shareholder and two others against the decision of the Bank Council to reject their candidacy for the post of director to be submitted to the members at the General Meeting of September 29, 2021 is pending.

Five people, including two former directors and prominent NRI Ravi Pillai, applied under Section 160 of the Companies Act and it was rejected by the board and not submitted. reviewed at the last annual general meeting.

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