Dhanlaxmi Bank said on Thursday its biggest shareholders Escalating a bitter shareholder battle with the private lender’s management, it was seeking to curb the spending powers of its chief executive officer.

Thrissur, Kerala – Headquarters Bank It will hold an extraordinary general meeting on November 12 at the request of certain shareholders including B Raveendran Pillai, who holds 9.99% stake in the bank, it said in a regulatory filing.

Wants to suspend the powers exercised by the shareholders CEO In respect of all capital and revenue expenditure, except statutory payments such as salaries and wages, Shivan JK.

In accordance with the proposed Shareholder Resolution, all suspended spending powers shall be exercised jointly by any two non-executive directors of the Board.