Page 184 - Demo

j. In the opinion of the Board, all the independent directors of the Bank meet the criteria of independence laid down under the Act and SEBI Listing Regulations and are independent of Bank’s Management Team. At the time of appointment l. and at the beginning of each financial year and whenever any change occurs which may affect their independence, the independent directors submit a self-declaration confirming their independence and m. compliance with various eligibility criteria, among other disclosures. All such declarations are placed before the Board for their information and noting.
k. Except as stated below, no independent director of
the Bank has resigned before the expiry of his/her n. tenure during FY 2019-20:
mr. Sachin Bansal o. Din: 02356346
He had resigned as an Independent Director w.e.f January 27, 2020. 3.
He had confirmed that except the reasons stated above, there were no other material reasons for his resignation.
every director has duly informed the Bank about the committee positions he/she occupies in other companies.
None of the directors of the Bank are members of more than 10 (Ten) committees (Audit Committee and the Stakeholders Relationship Committee) across all public limited companies in which they are director.
None of the directors of the Bank are director in more than 8 (eight) listed entities.
None of the directors of the Bank are Chairman of more than 5 (Five) committees across all public limited companies in which they are director.
auDit cOmmittee
Reason of Resignation: He had confirmed that he had resigned from the Bank's Board in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the RBI for a universal banking license and there were no other material reasons.
Mr. Sunil Vinayak Patel
Din: 00050837
Reason of Resignation: As per the extent RBI Guidelines, he was not eligible to be reappointed as Chairman of the Bank as he had attained 70 (Seventy) years of age. Accordingly, he had tendered his resignation as Independent Director of the Bank w.e.f February 01, 2020 (post completion of his tenor as Part-time Chairman of the Bank on January 31, 2020).
Further, he had confirmed that he had resigned due to personal reasons and commitments and there were no other material reasons.
mr. luis miranda
Din: 01055493
Reason of Resignation: He was having common directorship between the Bank, which is an Insurance Intermediary and Manipal Cigna Health Insurance Company limited, an Insurance Company and such common directorship may pose potential conflict of interest in terms of provisions of Section 48A of the Insurance Act, 1938 which per se restricts such common directorship. To uphold the principles of good corporate governance, he had opted to resign as the Independent Director of the Bank with effect from March 22, 2020.
a. The Bank has constituted the Audit Committee in line with the provisions of Section 177 of the Act, applicable RBI Guidelines and Regulation 18 of the SEBI Listing Regulations.
mr. mahaDev lakShminarayanan
Chairman of the Audit Committee
Brief profile: Mahadev lakshminarayanan is an Independent Director of the Bank. He holds a bachelor’s degree in science from Kerala university and is a chartered accountant from the Institute of Chartered Accountants of India. He was previously a partner at Deloitte Haskins & Sells llp and Fraser & Ross and is currently director on the board of Aspinwall and Company limited.
Nature of Expertise: Accountancy, Taxation and Finance
182 | AnnuAl RepoRt 2019-20