Former CAG Vinod Rai fails to secure second term at IDFC

By: |
September 23, 2021 1:45 AM

The nomination for the position of non-executive director was for the period till May 22, 2023.

In its special business Item No.5 of the 24th AGM notice, the company said, “the item 5 has not got requisite majority and hence is not passed”. Out of the six resolutions mentioned in the notice “five stand passed”, the company said in a filing to the stock exchanges. (File image)In its special business Item No.5 of the 24th AGM notice, the company said, “the item 5 has not got requisite majority and hence is not passed”. Out of the six resolutions mentioned in the notice “five stand passed”, the company said in a filing to the stock exchanges. (File image)

Vinod Rai, former Comptroller and Auditor General (CAG) whose name was proposed for the post of non-executive and non-independent director on the board of directors of IDFC, has failed to secure the place as 62.8% votes were cast against the resolution.

The nomination for the position of non-executive director was for the period till May 22, 2023.

In its special business Item No.5 of the 24th AGM notice, the company said, “the item 5 has not got requisite majority and hence is not passed”. Out of the six resolutions mentioned in the notice “five stand passed”, the company said in a filing to the stock exchanges.

The shareholders passed resolutions approving financial statement for 2020-21, appointing statutory auditor and their remuneration and appointment of two independent directors — Jaimini Bhagwati and Anil Singhvi. They also passed the proposal for payment of commission to non-executive director. Bhagwati has been appointed an independent director with 63.088% votes in favour, while Singhvi has been appointed independent director with 97% favourable votes. The ordinary resolution needs 50% +1 votes for it to pass.

Infrastructure Development Finance Company (IDFC) had sought shareholders’ nod for the appointment of Rai as non-executive and non-independent director, since he was an independent director for two terms and could not be appointed for the third term. Rai had resigned as IDFC’s independent director before his second term could end. He was reappointed by IDFC as a non-independent director on the board on May 25.

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

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