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Wednesday, October 27, 2021

IDFC shareholders reject nomination of Vinod Rai as director

n According to an exchange filing, 62.28 per cent votes from shareholders were against Vinod Rai’s nomination as director till May 22, 2023. Only 37.71 per cent votes of shareholders came in favour of Rai.

By: ENS Economic Bureau | Mumbai |
September 23, 2021 4:41:40 am
Vinod Rai

Shareholders of IDFC Ltd have rejected the nomination of Vinod Rai, who is currently chairman of the company, as a director on the board of IDFC.

According to an exchange filing, 62.28 per cent votes from shareholders were against his nomination as director till May 22, 2023. Only 37.71 per cent votes of shareholders came in favour of Rai, who was earlier Comptroller and Auditor General of India. His name was proposed for the position of non-executive and non-independent director on the IDFC board.

The ordinary resolution needs 50 per cent for its passage. Meanwhile, shareholders voted in favour for the nomination of Jamini Bhagwati and Anil Singhvi as Directors on the IDFC board.

IDFC shares closed 2.02 per cent higher at Rs 55.65 per share on the BSE.

Vinod Rai has wide experience of working in various capacities at both the Central and State governments. His previous position was as Secretary in the Ministry of Finance in Delhi where he was responsible for managing the financial services sector, including banks and insurance companies.

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