Tag: Vilas

Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors



a sign above a store: Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors


© Kshitij Anand
Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors

(Note: This is an updated version of a story, published on Moneycontrol on September 26, incorporating the update by the bank to stock exchanges confirming our news break)

Shareholders of Lakshmi Vilas Bank (LVB) have rejected the proposal to appoint seven directors on the board of private sector lender including the Managing Director and CEO S Sundar, the lender said in an exchange communication on September 26.

The shareholders also voted against the re-appointment of statutory auditors (P Chandrasekar LLP, Chartered Accountants) and branch auditors. Branch auditor is appointed in consultation with the statutory auditor.

These resolutions were taken up at the annual general meeting (AGM) on September 25, which was held through videoconferencing. Other directors whose appointments were not cleared by shareholders are N Saiprasad, Gorinka Jaganmohan Rao, Raghuraj Gujja, KR Pradeep, BK Manjunath and

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Stocks in focus: Vodafone Idea, HDFC, Lakshmi Vilas Bank, BoB, Union Bank, Future Lifestyle Fashions

Vodafone Idea, stocks in focusIndian markets have been in sync with their global counterparts and will have an impact

Nifty futures were trading 60.75 points or 0.53 per cent lower at 11,314.20 in early trade on Monday, suggesting a negative start for BSE Sensex and Nifty 50. Market participants will watch President Ram Nath Kovind and Prime Minister Narendra Modi’s address on the National Education Policy (NEP) 2020 at 10.30 AM through video conference. Besides, developments related to the India-China border issue, trends in COVID-19 cases, along with oil and rupee movement will be tracked. “Indian markets have been in sync with their global counterparts and will have an impact. Markets seem to have lost its momentum in the near-term and could be heading into a round of consolidation. Investors advised to be alert and cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.

Stocks in focus today

Vodafone Idea: The board

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SBI, Lakshmi Vilas Bank, RIL, Maruti Suzuki, Vodafone Idea

Stocks to watch today: Here is a list of top stocks that are likely to be in focus in Monday’s trading session based on latest developments. 

Share Market News Live: Sensex up 50 points, Nifty at 11,330; SBI, Eicher Motors, Hero MotoCorp top gainers

Automobile stocks: The much-awaited vehicle scrappage policy is in its final stages of approval and will be rolled out within a month, road transport and highways minister Nitin Gadkari said on Saturday.

PSU Banks stocks: Moody’s Investors Service has downgraded the long-term local and foreign currency deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India to Ba1 from Baa3.

IL&FS: Company proposed to initiate bankruptcy proceedings for two of its offshore firms – ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) – in courts of the UAE.

Lakshmi Vilas Bank: The bank plans to raise up to

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Lakshmi Vilas Bank to raise Rs 1,500 crore to fund business growth; increase foreign shareholding

Lakshmi Vilas Bank (LVB) plans to raise up to Rs 1,500 crore to fund business growth and increase foreign shareholding to up to 74 per cent, the private lender said in a notice. LVB said it will seek approval for the proposals from its shareholders in the upcoming annual general meeting (AGM) on September 25 which will take place through audio/visual means due to the coronavirus pandemic.

The bank has been exploring various options for raising funds for augmenting the tier-I capital to support business growth as directed by the RBI, it said in the notice. The Chennai-based lender said the board of directors in its meeting on August 26 accorded its approval for raising of funds, including by way of issue of equity shares, GDRs, ADRs foreign currency convertible bonds (FCCGs), preference shares convertible into equity shares among others in one or more tranches by way of one or

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