swapnilkabra Profile picture
Oct 1, 2020 10 tweets 2 min read Read on X
When did you last witness shareholders of a company uniting and voting against the reappointment of Managing director, CEO, Board of directors and even the auditors all in a meeting?
@Dinesh_Sairam @gvkreddi
#investors #investoractivism
Well, this is exactly what happened recently in case of Lakshmi Vilas Bank. The shareholders actively voted against the reappointment of the managing director and chief executive, as well as seven directors and auditors, at the recent annual general meeting (AGM).
Let us have a look at the rich history of LVB.
1926:
Lakshmi Vilas Bank Limited was founded in 1926 by a group of seven businessmen of Karur with the objective of catering to the financial needs of people in and around Karur who were occupied in trading businesses, industry and agriculture belonging to the Vysya community.
1960s:
The Bank saw considerable expansion of its branch network during the period of 1961 to 1965, when the bank took over nine other banks.
1970s
In 1974, the bank started expanding the branch network beyond Tamil Nadu to benefit from opportunities in the pan-Indian market. The bank thus was not just centered to one state but was wide spread.
2008
Implementation of Core Banking Solution (CBS) was started in October 2006, and all of the bank's branches were migrated to CBS by March 2008.
2018
By 2018, Lakshmi Vilas Bank had 569 branches, 1,046 ATMs and 7 extension counters.
What went wrong:
The main reason for the current plight of LVB is the fact that it forgot its main objective: serving the small businessmen of the vysya community. Over the period of time its aspiration changed to being the mainstream bank where growing is everything!
LVB has now two options:
Sell it to another bank or a finance company which wants to have a strong presence in southern India.
To merge itself into another larger bank.

But now as the board and auditors have been voted out, it seems RBI has to take an urgent call!

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with swapnilkabra

swapnilkabra Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @caswapnilkabra

Sep 4, 2023
A microcap bearing company, with 30% plus EBITDA margins that is doing 4x capex in upcoming two years deserves to be studied.
In this thread I will try to deep dive 'SKP Bearing Industries Limited' to understand the triggers that lie ahead 🧵 Image
First things first, the idea to study this business was generated by @PrathameshHirv3 . So, all due credits to him.

Let us discuss about the promoters. SKP was incorporated in 1991 as a partnership firm and in January 2022, it transformed into a Limited company.

Mr. Shrikand Kamlakar Palshikar and Mrs. Sangita Shrikand Palshikar lead the operations of SKP.
Shrikand sir has an experience of over 34 years. He holds a degree in Master of Technology in Mechanical Engineering with a specialization in Production Engineering from IIT Bombay.

Also, he has completed the Rolling Bearing Theory & Performance Course from SKF College of Engineering. He previously worked with SKF India too.
Read 24 tweets
Jul 16, 2023
Last month I deep dived a microcap gem which is into fast moving artificial fashion jewellery and has a legacy of 190 years!
A long thread ahead 🧵 Image
Gargi by PNGS is the new venture promoted by the promoters of PNG and Sons Limited, which has been a go to brand in Maharashtra since 190 years.

Gargi deals in 92.5% certified sterling silver jewellery and brass jewellery, idols and other silverware and related gift items.
‘Purshottam Narayan Gadgil (PNG) Jewellers’ was established in 1832 by Ganesh Gadgil and it operated in two branches, with P. N. Gadgil & Sons in Sangli, and P. N. Gadgil & Company in Pune. These two were separated in the year 2012.
Read 46 tweets
May 17, 2023
You are bored and you start scrolling endlessly shorts content on Youtube. It is the time you realize how addictive it is!

No wonder Youtube is promoting this left, right and center. How can this be a wonderful opportunity for companies like Tips Industries, let's dive in🧵
Tips Industries get its 50% topline from Youtube. Hence, the growth in the Youtube views is bound to aid company in doing better.

In FY23, its Youtube views stood at whopping 112.7 Bn. This was at just 59.6 Bn in FY22. A solid growth of more than 100%. Image
However, its revenue did not see the same kind of growth.
Its revenue for FY23 stood at 187cr vs 136cr in FY22. And there are multiple reasons for this!
Read 10 tweets
Mar 23, 2023
As we near the March end, I thought of sharing a detailed thread on tax planning in case of equity shares.
I tried to keep things as simple and lucid as they can get.
Keep a popcorn tub ready. Read on and bookmark for further use 🧵🔖👇
Before we move ahead, (1/n) Image
Here is what we are going to discuss: (2/n) Image
Read 32 tweets
Feb 8, 2023
RBI hikes repo rate today to 6.5%.
If you are wondering what repo rate is then here's an extensive yet super simple thread to understand the role of @RBI and how it uses 'Repo Rate' and 'Reverse Repo Rate' 👇🧵
Let us first understand the role of the Reserve Bank of India in managing the Indian economy.

There are two major elements of the Indian economy.
🔸The Businesses
🔸The Households
🔸The Businesses:
They are the producers of the goods and services.
Any business would be happy if it is growing and the prices of the goods and services sold are ever rising.
They would be more interested in ‘Economic growth’.
Read 35 tweets
Feb 6, 2023
Huge shout out to the entire twitter community for saving a life.
I raised approximately 13 lakh last year in August for my sister in law as she had to undergo a liver transplant.
On 4th February 2023 her surgery was successfully done at KIMS, Hyderabad❤️
I'm attaching the receipt here for reference. The funds raised have been successfully applied 🙏 ImageImage
Last year was extremely difficult for us as we had a liver donor from our family but it did not match the patient.
I was feeling guilty of raising funds so quickly as the surgery kept postponing.
Read 8 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(