Last week, shareholders of Dhanalaxmi Bank voted out its MD and CEO Sunil Gurbaxani. CNBC-TV18 spoke to Gurbaxani to find out the reason for his ouster.

Gurbaxani told the channel that he had been threatened three weeks before the Annual General Meeting, to quit. He said that he was not surprised by the threats, as there have been 10-12 senior level exits in the bank in the last 2-3 years on similar grounds.

According to him, 0.05 percent of the shareholders decided the fate of the institution, and there should be a probe into how this could have happened.

Without naming anybody, Gurbaxani said there was a person who wanted to do "backseat driving" and control the organisation, but the RBI had intervened in a timely manner and removed that person.