New Delhi: Axis Bank on Tuesday said Sanjiv Misra will continue as its non-executive chairman for next three months.
The term of Mr Misra, a nominee of SUUTI (Specified Undertaking of the Unit Trust of India), as the non-executive chairman of the bank expired on March 7, 2016, upon completion of tenure of 3 continuous years, the filing said. T
“SUUTI has re-appointed Sanjiv Misra as the Non-Executive Chairman of the Bank on a part time basis, for a period of three months, with effect from March 8, 2016 up to June 7, 2016,” it said.
The bank said that it would seek its board’s approval to re-appoint Sanjiv Misra as the non-executive chairman of the bank on a part time basis.
Mr Misra’s re-appointment is subject to the approval of the Reserve Bank of India (RBI) and the shareholders of the bank.
The Union Government holds an 11.7 per cent stake in Axis Bank through SUUTI.