IDBI BANK LTD. - 500116 - Announcement under Regulation 30 (LODR)-Change in Directorate
In Continuation of Bank''s disclosure dated February 24, 2022, Board of Directors of the Bank have approved the appointment of Shri T. N. Manoharan, Independent Director (DIN: 01186248) as Part-time Chairman (PTC) of IDBI Bank, for a period of 3 years with effect from May 09, 2022, as approved by the Reserve Bank of India vide their letter dated May 06, 2022. Further, Shri M. R. Kumar ceased to be the Non-Executive Non-Whole Time Chairman of the Bank with effect from May 08, 2022 after completion of the RBI approved term of three years. In terms of the Articles of Association of the Bank, Life Insurance Corporation oflndia (LIC) vide their communication dated May 07, 2022, nominated Shri Raj Kumar, Managing Director of LIC as LIC nominee Director on the Board of the Bank. The Appointment of Shri Raj Kumar is being separately processed under Section 161(3) of the Companies Act, 2013.09-05-2022