Govt bonds worth Rs 32,000 crore to be auctioned on April 26
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
Lakshmi Vilas Bank on Monday said that the Reserve Bank of India has approved that the day-to-day affairs of the lender will be run by a Committee of Directors (CoD) composed three independent directors. The decision by the RBI was taken on September 27.
The latest development comes after the shareholders of the bank rejected the reappointment of seven of the directors on the bank’s board, including its interim MD and CEO, S. Sundar at its Annual General Meeting on September 25.
In a regulatory filing, the bank said “This CoD will exercise the discretionary powers of MD&CEO in the ad-interim” and is composed of: Meeta Makhan, Chairperson of the Committee of Directors, Shakti Sinha, Member and Satish Kumar Kalra, Member.
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The three are the only directors out of the proposed 10, who were voted for reappointment by the bank’s shareholders.
In its regulatory filing late on Sunday evening, the bank again tried to allay concerns regarding the financial standing of the bank.
“With Liquidity Coverage Ratio (LCR) of about 262 per cent as on 27th September 2020, against the minimum 100 per cent required by RBI, the deposit-holders, bond-holders, account-holders and creditors are well safe guarded,” the filing said.
Bank will continue to share information on the developments in public domain as and when they materialise, and as required by applicable law, it added.
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