HDFC Bank today said Keki Mistry has ceased to be a director on its board as he has completed his 8-year tenure.
"Mistry has completed his 8-year tenure at the close of business hours on March 26, 2011 and as a consequence has ceased to be a director of the bank," HDFC Bank informed the Bombay Stock Exchange.
In terms of the provisions of section 10A(2A)(i) of Banking Regulation Act, 1949, no director of a banking Company, other than its Chairman or whole-time Director, by whatever name called, shall hold office continuously for a period exceeding eight years, the bank said.
Mistry is vice chairman and Chief Executive Officer of HDFC Ltd which is the promoter of HDFC Bank, with around 23.6% stake.
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