(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