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C. J. Punnathara

Kochi , July 28

MR T.R. Madhavan, who demitted from the office of the Managing Director and CEO of Dhanalakshmi Bank on Wednesday, said he would not be attending the board meeting scheduled in Chennai tomorrow.

Technically, he would be a member of the board till his resignation is accepted at the meeting.

"Accepting my resignation and relieving me of my duties would be just a formality," Mr Madhavan told Business Line. When asked about the circumstances that led to his resignation, he said that he had no comments to offer. But in order to ensure the long-term interest of the bank, a director with executive powers would have to immediately take charge and monitor the day-to-day operations of the bank. "The deciding factor would be to ensure that the interests of the bank are not jeopardised even in the short run," Mr Madhavan said.

But the bank has been confronting several hiccups in the recent past. The bank has two executive directors, of whom one had resigned due to difference of opinion with a couple of board members and was reinstated later on a short-term tenure. The other executive director was roped in to beef up the technological capability of the bank and has just around one month's experience at the new post.

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