Shareholders in action

The Reserve Bank of India (RBI) on Monday assented to the notion that the Lakshmi Vilas Bank would be run by a three-member committee of directors, alongside the bank’s remaining senior management. This followed a gripping passage in which, at the bank’s annual general meeting last week, shareholders refused to allow seven board members and the CEO to continue in their positions. This left the board decimated, and at a time when the bank itself was in a crisis. It has been making losses for the last 10 quarters; its deposits are dissipating steadily; it has been under the RBI&rsquo.....

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