Independent director resigns from Dhanlaxmi Bank board
Private sector Dhanlaxmi Bank, which today deferred release of quarterly and annual results, said an independent director has resigned from its board.
"It is hearby informed that G Vijaya Raghavan, Independent Director, has resigned from the board of the bank with effect from May 15, 2018," it said in a regulatory filing.
Besides, it said a new additional director in non-independent category has been inducted into its board.
"The Board of Directors of the Bank at its meeting held on May 15, 2018 has appointed Arun Rao M.G (DIN-07547651) as Additional Director (Non-independent category) on the Board of the Bank," it said in a separate filing.
Citing "better representation on conservative basis" the bank said the board of directors today deferred the announcement of financial results for May 23.
Hit by high level of bad loans, the bank had posted a net loss in the preceding third quarter ended December of 2017-18 at Rs 21.74 crore, which widened from year ago's net loss of Rs 8.18 crore. The September quarter of 2017-18 witnessed a meagre profit of Rs 6.06 crore.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.