Dhanlaxmi Bank MD Sunil Gurbaxani voted out by shareholders

Top Stories

»	Union Budget: Defence soars to Rs 7.85 lakh crore, big bets on electronics, biopharma and railways
»	Budget 2026-27 hikes Govt capex to Rs 12.2 lakh crore in big push to infra
»	India to ensure Aatmanirbharta, Budget driven by Yuvashakti: FM Sitharaman
»	Cabinet approves Union Budget 2026-27
»	Budget 2026 to focus on defence, capex, infrastructure, fiscal discipline

SME Times News Bureau | 30 Sep, 2020
The shareholders of Kerala-based small private sector Dhanlaxmi Bank on Wednesday voted out Managing Director and CEO Sunil Gurbaxani at the annual general meeting (AGM).

The ordinary resolution moved for Gurbaxani's appointment was defeated, with 90.49 per cent of the votes polled against the proposal, as per the regulatory filing.

Only 9.51 per cent of the votes were polled in favour of his appointment.

Out of the 10 resolutions moved at the AGM, the shareholders had passed nine and defeated one.

This is the second private bank where the shareholders have voted against the appointment of the Managing Director and CEO in recent days.

Earlier, the shareholders of Lakshmi Vilas Bank (LVB) had voted out seven directors, including the Managing Director and CEO, in the AGM.