IDBI Bank appoints TN Manoharan as Independent Director

24 Feb 2022 , 01:58 PM

In its regulatory filing on Thursday, IDBI Bank Ltd. informed the exchanges that the Board has approved the appointment of T. N. Manoharan (DIN: 01186248) as an Additional Director (Independent Category) on the Board of the Bank with immediate effect. Shri T. N. Manoharan is not related to any other Director on the Board and KMP of the Bank.

T. N. Manoharan is a qualified Chartered Accountant, Law graduate and has completed IFRS certificate level online learning and assessment programme of the Institute of Chartered Accountants in England and Wales. He is a practicing CA with 38 years standing. He is the founder partner and mentor of the firm Manohar Chowdhry & Associates.

Manoharan was the Non-Executive Chairman of Canara Bank for 5 years from 2015 to 2020. He was also appointed by RBI as Administrator of Lakshmi Vilas Bank during November 2020 and facilitated merger with DBS Bank India Ltd. Shri Manoharan served as member of the advisory board on Banks, Commercial and Financial Frauds constituted by the CVC and RBI from 2012 to 2014.

He was Chairman of the Task Force constituted by RBI for making recommendations for establishing secondary market for Corporate Loans in India during June to August 2020. He was Member of the Expert Committee constitute by RBI for Resolution framework of corporate loans for Covid 19 related stress from August 2020 to June 2021.

IDBI Bank’s stock slumped 7.54% so far in today’s trade at Rs41.70 against its previous closing price of Rs45.10. The scrip touched an intraday high and low of Rs43.85 and Rs40.75 respectively.