INSUBCONTINENT EXCLUSIVE:
Vinod Rai has been associated with the IDFC Board since 2015.New Delhi: IDFC shareholders have decided to reject the reappointment of Vinod
Rai as Non-Independent and Non-Executive Director to the Board
In a notification to the exchanges on Wednesday, IDFC stated that the resolution "has not got the requisite majority and hence is not
passed." The decision comes after the 24th Annual General Meeting (AGM) of the firm."62.3% of the shareholders voted against the resolution
while 37.7% voted in support," data available with the exchanges showed.Mr Rai, former Comptroller and Auditor General of India (CAG), is
Bank, Life Insurance Corporation of India and IDFC.Mr Rai has been associated with the IDFC Board since 2015 and completed two terms as an
independent director.The shareholders, however, have approved the appointment of Jaimini Bhagwati and Anil Singhvi as an Independent
They have also approved firm's financial statement for 2020-21, proposal of appointing Statutory Auditors and their remuneration and payment
Company Ltd (IDFC FHCL) considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory
investment committees to take necessary steps, including appointment of an investment banker.
