IDFC Shareholders Reject Reappointment Of Ex-CAG Vinod Rai As Non-exec Chairman
Shareholders of IDFC on Wednesday rejected the re-appointment of former CAG Vinod Rai as non-executive chairman of the company.
The votes were cast at the company''s 24th Annual General Meeting (AGM) on Wednesday for his re-appointment as non-independent non-executive director up to May 22, 2023.
As per the outcome of the remote e-voting and e-voting at the meeting, the shareholders cast 37.71 per cent votes in favour of Rai''s re-appointment, short of the requisite majority.
"Item no. 5 of the notice (as an ordinary resolution) has not got the requisite majority and hence is not passed," IDFC Ltd said in a regulatory filing.
Rai was an independent non-executive director of the company since June 30, 2015. His second term as an independent director expired on July 30, 2021.
The shareholders at the firm''s 21st AGM in July 2018 had approved his appointment as an independent non-executive chairman for the second term for a period of three consecutive years from July 31, 2018 to July 30, 2021.
The Nomination and Remuneration Committee and Board of Directors of IDFC Ltd, at their meeting held on May 25, 2021, proposed to appoint Rai as a non-executive director (non-independent) with immediate effect up to May 22, 2023.
As per company''s annual report, the 73-year-old Rai was paid a remuneration of Rs 33,50,273 during 2020-21.
Rai, a former Comptroller and Auditor General of India (CAG), has wide experience of working in various capacities at both the central and state governments. He was also a secretary in the Ministry of Finance, and managed the financial services sector.
The AGM was chaired by Rai, who introduced the members of the board and called the meeting to order. In all, the company had six items to be passed in the AGM.
Rest of the five items were passed with requisite majority.
IDFC Ltd also released its annual report for 2020-21. The company said it filed an application for liquidation of IDFC Capital (Singapore) Pte Ltd during the year.
It was liquidated on February 24, 2021 after obtaining necessary regulatory approvals and completing all necessary formalities, it said in the report.
(PTI)
