RBL Bank seeks shareholders’ nod to extend the term of office of interim CEO and CEO until 24 June

Private sector lender RBL Bank said on Tuesday it will seek shareholder approval for the appointment of interim MD and CEO Rajeev Ahuja until June 24, when the process of appointing a general manager awaits RBI’s approval.

Voting by postal ballot will begin on April 28 and end on May 27. The results will be declared within two working days after the end of the electronic remote voting, the bank said in a legal document.

By submitting a copy of the postal ballot notice, the Lender stated that it was seeking shareholders’ consent for the appointment of Rajeev Ahuja as interim CEO and CEO for the period from December 25, 2021 to June 24, 2022 or until the appointment of a Chief Executive Officer and CEO, whichever comes first.

On April 20, the lender had informed that its Board of Directors had accepted the recommendations of the Nomination and Remuneration Committee and completed the names of candidates for the post of Chief Executive Officer and CEO and approved to submit an application to the Reserve Bank of India.

Rajeev Ahuja was appointed CEO of the bank for a period of three years from 21 February 2020 to 20 February 2023 with the approval of RBI and the shareholders at its annual general meeting in July 2020.

But in a surprising development, at a meeting held on December 25, 2021, the board sent the then MD and CEO Vishwavir Ahuja on leave, appointing Rajeev as interim MD and CEO.

Rajeev took over as interim CEO and CEO of RBL Bank for a period of three months with effect from 25 December 2021 or until the appointment of a Chief Executive Officer.

At a meeting on December 30, 2021, the Board of Directors initiated steps to identify and evaluate candidates for the position of Chief Executive Officer and Chief Executive Officer, for whom an application committee was established.

“At its meeting of 20 April 2022, the Board of Directors established the recommendations of the Nomination and Remuneration Committee and, in accordance with the provisions of the Banking Regulation Act, 1949 and existing RBI guidelines, completed the names of candidates for the post of Chief Executive Officer and CEO. the bank and approved the submission of an application to the Reserve Bank of India, “the submission stated.

The bank will soon submit an application to the RBI and complete the process of appointing an ordinary MD and CEO in a timely manner, it added.

The holding of RBL Bank closed at Rs 124.05 a share on BSE, an increase of 2.99 percent from its previous closure

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