Deepak Parekh re-appointed as non-exec director of HDFC; 22.64 per cent shareholders voted against his continuation

Deepak Parekh, chairman of HDFC , who has been at the helm of the firm for 30 years, got 77.36 per cent vote of shareholders at the annual general meeting (AGM) of the company held in Mumbai on July 30.

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HDFC had to come out with a special resolution for the re-appointment of Parekh as he would cross the age of 75 on October 18 next year.

Deepak Parekh was re-appointed as non-executive director on the board of the country’s largest mortgage lender HDFC, though 22.64 per cent of the shareholders voted against his continuation. Parekh, chairman of HDFC, who has been at the helm of the firm for 30 years, got 77.36 per cent vote of shareholders at the annual general meeting (AGM) of the company held in Mumbai on July 30.

Apart from Parekh, J J Irani and Keki Mistry too were re-appointed as directors to HDFC’s board with more favourable votes.

According to the Companies Act, the votes cast in favour of a special resolution are required to be not less than three times the number of the votes, if any, cast against the resolution.

HDFC had to come out with a special resolution for the re-appointment of Parekh as he would cross the age of 75 on October 18 next year. The company had sought shareholders approval for continuation of directorship of Parekh.

The AGM also approved continuation of directorship of J J Irani, who has attained the age of 75 years, up to the expiry of his present term as an Independent Director (July 20,2019). As many as 94.58 per cent shareholders voted in favour of Irani.

The HDFC shareholders also approved the re-appointment of Keki Mistry as the managing director (designated as vice chairman and chief executive officer) for a period of three years. Mistry got 99.51 per cent votes of shareholders.

His re-appointment was through an ordinary resolution.

Former chairman of Sebi, Upendra Kumar Sinha and Jalaj Ashwin Dani have been appointed as Independent Directors at the AGM.

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HDFC has reported a 54 percent increase in standalone net profit at Rs 2,190 crore in the June quarter, helped by the Rs 511 crore dividend it received from HDFC Bank and better asset quality. —WITH PTI