India's Dhanlaxmi Bank shareholders seek to curb CEO spending powers

Dhanlaxmi Bank

20/10/2022 15:47

BENGALURU, Oct 20 (Reuters) - Dhanlaxmi Bank  DNBK.NS 
said on Thursday its largest shareholders were seeking to curb
the spending powers of its chief executive officer, escalating a
bitter shareholder battle with the private lender's management.
    The Thrissur, Kerala-headquartered bank will hold an
extraordinary general meeting on Nov. 12 at the request of
certain shareholders including B Ravindran Pillai, who holds a
9.99% stake in the bank, it said in a regulatory filing.
    The shareholders seek to suspend powers exercised by CEO
Shivan JK in respect of all capital and revenue expenditure,
except statutory payments such as salaries and wages.
    According to the proposed shareholder resolution, all
suspended spending powers will be jointly exercised by any two
non-executive directors of the board.
 (Reporting by Chris Thomas in Bengaluru; Editing by Devika
Syamnath)
 ((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))