Two independent directors Ninad Karpe and S Ravi have resigned from the board of IDBI Bank, with effect from May 11 and May 12 respectively.

This comes after the CBI has filed FIR in connection with Rs.600 crore loan given by the bank to the former Aircel promoter C Sivasankaran, his sons and companies controlled by him. The CBI’s FIR has named many officials including some of the independent directors including these two.

The case is related to loans of Rs.322 crore and Rs.523 crore given to the companies of Sivasankaran. Later, the loans turned into non-performing assets.

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