Dhanlaxmi Bank Ltd.’s independent director Sridhar Kalyanasundaram has resigned from the board with effect Sept. 16., citing “factionalism” to “unethical” business conduct. Kalyanasundaram, appointed on Dec. 5, 2022, also referred to whistle-blower issues, rights issue of the bank and the “belligerent attitude” of Shivan JK, managing director and chief executive officer, among other reasons for his exit, according to the company’s exchange filing.
In his resignation letter, Kalyanasundaram has raised issues like factionalism in the board, his differences regarding rights issue and the alleged ‘lack of in depth banking knowledge’ in other members. The former independent director also raised the “probity and lack of consensus” on the various whistle-blower issues, as a reason of resignation. He said that despite the board receiving numerous complaints, they have been dismissed.
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