Dhanlaxmi Bank said announced that the resolution to appoint JK Shivan as the next managing director of the bank was passed with an overwhelming majority of 99.81%. The last MD and CEO of the bank Sunil Gurbaxaniwas voted out from the post of managing director and CEO of Dhanlaxmi Bank by more than 90% of the shareholders on October 1, in the first AGM held after he was appointed in February 2020. The bank is currently managed by a committee of directors(COD) and RBI has given the bank four months to appoint a new head. RBI has to give the final approval for the appointment of Sivan, following which the Board of directors of the bank can officially appoint him as the MD and CEO. The tenure of the COD expires on January 31, 2021 and the RBI is likely to give an extension to the COD until the new MD and CEO takes charge.