The Hindu Business Line : Dr Rao quits Dhanalakshmi Bank board

DR P. Raja Mohan Rao, the single largest shareholder of Dhanalakshmi Bank, has resigned from the board of the bank. Dr Rao and some of his close relatives hold around 37 per cent stake in the bank.

The resignation of Dr Rao, which was taken up for consideration by the board of directors that met on February 13, was accepted, senior sources in the bank told Business Line.

The sudden decision of Dr Rao to resign was due to compelling demands to run his personal business, since he had to look after well over Rs 100 crore investments in Bangalore, including BPO business, the sources said.

Dr Rao, when contacted in Bangalore, said that he has completed seven years on the board and needed a cooling off period before he returns to the board six months to one year from now. While the practice has been for board members who have significant stake in banks to nominate close relatives to the board in their absence, Mr Rao said that he has not taken re-course to such a move.

Dr Rao continues to hold his stake in the bank.

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Dr Rao quits Dhanalakshmi Bank board