• Privacy Policy
  • About Us
  • Contact Us
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
  • Home
  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
No Result
View All Result
Cartographeum
No Result
View All Result

Lakshmi Vilas Bank shareholders vote against reappointment of top leaders

Juliet Woodard by Juliet Woodard
September 28, 2020
Home Business
Share on FacebookShare on Twitter

Currently, the bank has four independent directors and two RBI nominees on the board.

In a major development, the shareholders of Lakshmi Vilas Bank Ltd. rejected resolutions pertaining to apppointment of seven directors including its chief executive officer at the recently 93th Annual General Meeting, expressing unhappiness over the functioning of the bank.On Sunday, the board held an emergency meeting with remaining directors to find a way forward to appoint a committee to name the next managing director in the place of S. Sundar, who stepped down after the AGM on Friday, to carry out the merger talks and raise the much needed funds among other issues.The cash-strapped private sector has been struggling for the last two years without adequate funds and has been scouting for investors to bail it out. It was placed under Prompt Corrective Action framework by the RBI as most the key parameters turned negative. After a failed merger talks with Indiabulls Housing Finance, LVB managed to find a suitor and announced that it was likely to seal a deal with Clix Capital and the next step was to appoint a valuer. However, this did not go well with the investors, who expressed their disappointment at the AGM by rejecting nine important resolutions concerning appointment and or reappointment of MD & CEO, three non-executive and non-independent directors and three non-executive independent directors, auditors and branch auditors.Only three non-executive independent directors (Shakti Sinha, Satish Kumar Kalra and Meeta Makhan) could make it. Resolutions pertaining to increasing the authorised share capital, raising of capital, borrowing limits, and investment limit of NRIs and adoption of audited accounts were passed with absolute majority.The public institutions (99% votes cast) and public non-institutional shareholders (62% votes cast) were against the resolutions for appointment of directors and auditors. The voting pattern shows that there is a split between promoters and promoters group.Currently, the bank has four independent directors and two RBI nominees on the board.As of March 31, 2020, LVB had a capital adequacy ratio of 1.12% against the RBI requirement of 8%. The lender’s tier I and II components of CAR stood at a negative 0.88% and 2%, respectively. It reported gross NPA of 25.40% and net NPA 9.64%. Net loss in the first quarter was ₹112.28 crore.

Tags: Lakshmi Vilas Banklvblvb shareholders
Juliet Woodard

Juliet Woodard

Next Post
Samsung Galaxy Tab A7 Teased to Launch in India Soon

Samsung Galaxy Tab A7 Teased to Launch in India Soon

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Facebook Says It Will No Longer Show Health Groups in Recommendations

Facebook Suspends Fake Russian Accounts, Warns of US Election Hack-and-Leak Threat

September 26, 2020
‘States may cut outlay on infra by up to 40%’

‘States may cut outlay on infra by up to 40%’

November 14, 2020

Trending.

Understanding Emergency Rental Assistance For Landlords And Tenants

Understanding Emergency Rental Assistance For Landlords And Tenants

January 27, 2021
Webinar on weather and its impact on business on November 19

Webinar on weather and its impact on business on November 19

November 16, 2020
NPPA caps price of liquid medical oxygen, medical oxygen cylinders

NPPA caps price of liquid medical oxygen, medical oxygen cylinders

September 26, 2020
Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

Rock Legend Gene Simmons Kisses His California Estate And High Taxes Goodbye

November 1, 2020
WeWork May Use A SPAC To Finally Go Public, Report Says

WeWork May Use A SPAC To Finally Go Public, Report Says

January 28, 2021

Cartographeum brings you the latest information about Tech,Real Estate & Business.

Follow Us

Categories

  • Business
  • Computers
  • Gear
  • Real Estate
  • Review
  • Technology
  • Uncategorized

Tags

Amazon Apple Watch 2 Bombay stock exchange BSE Business Buying Guides china closing trade coronavirus Covid COVID-19 currency dollar rate economy Finance Ministry foreign exchange forex gold india indian economy Indian stock market Industry iOS 10 lockdown luxury homes market and exchange markets nifty Nirmala Sitharaman NSE oil pandemic Playstation 4 Pro rbi real estate Reserve Bank of India rupee rupee rate Rupee value rupee vs dollar sensex Sillicon Valley stock exchange Stocks USD

Recent News

Ten Living Room Mistakes Interior Designers Always Notice

Ten Living Room Mistakes Interior Designers Always Notice

February 28, 2021
Airbnb Reveals Top Pet-Friendly Stays Around The World

Airbnb Reveals Top Pet-Friendly Stays Around The World

February 28, 2021
  • Privacy Policy
  • About Us
  • Contact Us

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Review
  • Computers
  • Gear

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.