The Board of IDBI Bank, on 9 May 2022, has nodded for the appointment of T N Manoharan as a part-time Chairman of the Bank for a tenure of three years.
Also, the Bank has announced that M R Kumar will no longer continue to be the non-executive non-whole time Chairman of the bank with effect from 8 May 2022. A point to be noted is that Kumar has completed the Reserve Bank of India (RBI)-approved tenure of three years at the post.
As per the IDBI Bank’s regulatory filing, the Bank’s board of directors have given a green signal to the appointment of T N Manoharan as part-time Chairman of IDBI Bank for a period of 3 years with effect from 9 May 2022, as approved by the RBI vide their letter dated 6 May 2022.
In terms of the Articles of Association of the bank, Life Insurance Corporation of India (LIC) vide their communication dated 7 May 2022, nominated Raj Kumar, Managing Director of LIC as LIC nominee director on the board of the bank, said the lender.
The Bank said that Kumar’s appointment is being separately processed under Section 161 (3) of the Companies Act, 2013.
(With inputs from PTI)