Anuradha Pradeep, non-independent director resigns from board of LVP

Lakshmi Vilas Bank (LVB) has announced the resignation of Non-Executive Non-Independent Director Anuradha Pradeep. In their statement to the exchange dated 1st November, LVB said – ” It is informed that Smt. Anuradha Pradeep (Non – Executive and NonIndependent Director) has resigned from the directorship of the Bank on November 01, 2019. “

The resignation letter by Anuradha Pradeep says – ” I hereby tender my resignation from the post of Director of Lakshmi Vilas Bank and request the same may be accepted as effective from end of day today. ”

Earlier on 2nd October, the bank had announced the resignation of its Independent Director Supriya Prakash Sen. She had resigned citing personal reasons.

Lakshmi Vilas Bank has been placed under the RBI’s PCA – Prompt Corrective Action. The bank has been having high level of bad loans, inadequate capital to manage risks and has had negative return on assets for two consecutive years. The bank has a loss of Rs 894 crore in 2018-19, this is significantly higher (by 53 % ) as compared to its loss in the previous year.

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