Group promoters recommend Puneet Bhatia as nominee in Shriram Transport

Shareholders of Shriram Transport Finance Company had recently voted against Bhatia's reappointment as director

Shriram Transport Finance Company (STFC) and Shriram Capital Ltd (SCL) have asked Puneet Bhatia, co-managing Partner for TPG Capital Asia and the head of TPG Capital India, to act as a director and be re-inducted into the Board of STFC as a “Nominee” of the Promoter (SCL).

The development comes a few days after the majority of the shareholders of STFC voted against Bhatia's reappointment as the Director of the Company. It came after proxy firms' recommendations to vote against the resolution as Bhatia did not attend half of the company's Board meetings last year.

 

According to SFTC's 2019-20 annual report, of the total six Board meetings, he attended only three, in 2019-20. Proxy advisory firms recommended voting against the proposed appointment of Director where the attendance of Director does not meet the benchmarks, which is 75 per cent attendance.

"Bhatia has been representing TPG on the Boards of the various companies in the Shriram Group. He has been adding a lot of value and immensely contributed to the growth of various businesses in the Group, including STFC," said Shriram Group.

"He has also been in discussions with the Leadership and Management on various occasions, apart from the meetings of the Board and Committees. It was unfortunate that recently some of the shareholders voted against his continuance as a Director, possibly solely relying on attendance not being very high for the Board meetings," said in the statement.