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| Exchange Disseminated Time | AXIS Bank Ltd has informed BSE that the term of Dr. Sanjiv Misra, Nominee of SUUTI as the Non-Executive Chairman of the Bank has expired, with effect from the close of business hours on March 07, 2016, upon completion of tenure of 3 continuous years, as approved by the Reserve Bank of India (RBI) under Section 10 B (1A) (i) of the Banking Regulation Act, 1949.
In this connection note that SUUTI vide its letter dated March 08, 2016 has re-appointed Dr. Sanjiv Misra as the
Non-Executive Chairman of the Bank on a part time basis, for a period of three months, with effect from March 08, 2016 upto June 07, 2016 (both days inclusive).
Accordingly, the Bank will be obtaining the approval of the Board of Directors of the Bank to re-appoint Dr. Sanjiv Misra as the Non-Executive Chairman of the Bank on a part time basis, for a period of three months, with effect from March 08, 2016 upto June 07, 2016 (both days inclusive), subject to the approval of the RBI and the Shareholders of the Bank under the relevant provisions of the Banking Regulation Act, 1949, the Guidelines issued by the Reserve Bank of India, in this regard, the Companies Act, 2013, the Rules made thereunder and the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 and the Articles of Association of the Bank. |
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