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Monday, February 6, 2012

Dhanlaxmi MD and CEO Amitabh quits

In a surprise move, the managing director and chief executive of Thissur-based private sector lender Dhanlaxmi Bank, Amitabh Chaturvedi, who has been credited for turning around the bank since he took over in 2008, has put in his papers, according to a bank official.

"It is true that our MD Amitabh Chaturvedi has resigned today. The board meeting is underway now to consider his resignation," the bank spokesperson said.

She also scotched rumours that he was removed by the board. "There is no substance to this. He has resigned on his own and a formal announcement will be made after the board meeting."

The resignation comes following major unrest from a section of the bank's officers' union in the past few months which had alleged about financial irregularities at the bank.

The section of the union having allegiance to the All-India Bank Officers Confederation had recently accused the bank of 'window-dressing' its books and showing inflated profits. The bank had dismissed the allegations as baseless.

The regulator RBI had also not found anything wrong with the books of the bank.

The RBI had even allowed Chaturvedi a two-year extension before the union alleged irregularities.

Chaturvedi, who earlier worked with ICICI Bank and Reliance Capital, took charge of the nearly a century-old bank in 2008.

The bank, which is yet to announce its results for the December quarter, had reported a net profit of Rs 4.35 crore from Rs 1.62 crore in the September quarter, an increase of a whopping rose 168 percent.

Source: Financial Express


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