After a 94-year-old Lakshmi Vilas Bank (LVB) was left without a CEO and promoter, one of the former promoters of the troubled bank is hoping Lord Venkataramana Swamy will save the bank.
K R Pradeep is one of the seven directors of the bank, who was voted out by shareholders in the annual general meeting held on September 25, 2020. The shareholders also rejected the appointments of Saiprasad, Pradeep and Raghuraj Gujjar as non-executive and non-independent directors and voted against BK Manjunath, Gorinka Jaganmohan Rao and YN Lakshminarayana Murthy as non-executive and independent directors.
Meanwhile, Pradeep told IANS that the Lord will protect the bank and will not let it go down.
Why will the Lord protect this specific bank?
Lord Venkataramana Swamy at Thanthonimalai near Karur is the first shareholder in the bank, Pradeep revealed.
A chartered accountant by profession, Bengaluru-based Pradeep said the LVB came into existence in 1926 as an Indian answer to the Imperial Bank of India that was set up by the Britishers in 1921. And it has a legacy which will be protected.
According to Pradeep, the bank catered to small regional businessmen and such banks will always go through a cycle.
The Reserve Bank of India (RBI) in 2019 had brought LVB under the Prompt and Corrective Action (PCR), however, there was not much headwind there.
LVB’s merger talks with AION-backed Clix Capital, which is founded by Pramod Bhasin, was on when such such a dramatic turn took place.
