13 May 2016 Current Affairs: Axis Bank has appointed Sanjiv Misra, a retired bureaucrat, as non-executive chairman and independent director for a period of five years.
It also elevated two senior executives - Rajiv Anand and Rajesh Dahiya - as executive directors (EDs); they would also get a berth on the board of directors.
Misra was earlier the SUUTI nominee on the board as non-executive chairman for three years till May 11, 2016. The right of SUUTI to appoint the Chairman of the Bank, under the old Article 89 (1) of the Articles of Association was rescinded with effect from May 10, post amendment of the Articles of Association
SUUTI, a special undertaking formed to own UTI's stake in Axis Bank, L&T and ITC, owns 11.93 per cent in the private lender which was earlier known as UTI Bank.
The re-appointment of Misra is subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank.
The Union Government holds 11.7% stake in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI).
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