September 18, 2023 / 10:24 AM IST
Stock Market LIVE Updates | Dhanlaxmi Bank tanks 7% after independent director quits over multiple issues
Shares of Dhanlaxmi Bank tanked 7 percent in early trade on September 18, on the news of an independent director resigning from the post.
Sridhar Kalyanasundaram, one of the independent directors of Kerala-based Dhanlaxmi Bank, resigned on September 16, citing multiple issues in the bank’s operations and internal battle within the Board, according to a communication from the bank to exchanges on September 17.
Kalyanasundaram, in his resignation letter to the Board of directors, has highlighted multiple issues, including lack of support from the board, issues related to a rights issue plan, capital enhancement plan, conduct of the bank’s board, probity and lack of consensus on the various ‘whistle-blower’ issues raised to the Directors and unethical conduct of bank’s business among other issues. Read More
