The bank told the stock exchanges on December 2 that G Subramonia Iyer, part-time Chairman and Independent Director of Kerala-based Dhanlaxmi Bank, had submitted his resignation citing personal reasons.
According to the bank, Iyer resigned due to some urgent and emergent domestic and personal circumstances, and there were no other significant reasons for his resignation. From December 31, 2021, the resignation will be in effect. In February 2021, Iyer was named as a part-time chairman. Last year, Sajeev Krishnan, Dhanlaxmi Bank’s part-time Chairman and independent director, resigned on June 29 for personal reasons.
Several prominent executives have left the Dhanlaxmi Bank board of directors in recent years. Two more board members left the bank after Krishnan’s departure last year. They are Independent Director K.N. Murali and Additional Director G. Venkatanarayanan.
According to insiders, major discrepancies between some shareholders and them have been identified as a factor. Murli has been with the bank for about 1.5 years, whereas Venkatanarayanan has only been there for a few months.
Sunil Gurbaxani, the previous CEO of Dhanlaxmi Bank, was removed by shareholders at the bank’s annual general meeting on September 30, last year. Gurbaxani stated that Dhanlaxmi Bank needs more extensive surgery to address long-standing governance flaws.
Dhanlaxmi Bank is no stranger to differences at the top. After his resignation in April 2016, former director K Jayakumar wrote a letter to the chairman, which contains some hints.