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Parthasarathi Mukherjee quits LVB

Parthasarathi Mukherjee, MD & CEO of Lakshmi Vilas Bank, has resigned. He said he is doing so on account of personal reasons. The resignation comes at a time when the bank is finalizing modalities for its merger with Indiabulls Housing Finance and the Reserve Bank of India is considering the proposal. The board of the bank accepted the resignation. The bank told stock exchanges in a filing that Mukherjee will be relieved from his services at the closing hours on 31 August 2019 as per his request. The merger proposal has been approved by the board as early as April 2019 and the board had sought approval of the regulators for the same. As per the merger proposal the bank’s shareholders will get 14 shares of Indiabulls Housing Finance for every 100 shares held in the bank.

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