Stakeholders Oppose Appointment of Directors In Lakshmi Vilas Bank's Board

Upset with the existing management, stakeholders of Lakshmi Vilas Bank have rejected the appointment of seven directors at the company's Annual General Meeting (AGM). The seven directors included S Sundar, who was proposed as MD and CEO. Reportedly, the bank is in talks for a conglomeration with Clix Group, and is currently looking for funds. Earlier, the bank's capital adequacy ratio stood at 0.17% as of June 30.