IDFC shareholders reject Vinod Rai's re-election on the board

Shareholders of IDFC have rejected the proposal to re-appoint Vinod Rai as non-independent and non-executive director to the board.

The resolution for appointment of Rai till 22 May 2023 was rejected as 62.3% shareholders voted against it. While 37.7% shareholders voted in favour, according to the information shared with the stock exchanges on 22 September 2021 post the 24th annual general meeting of the firm.

Vinod Rai is currently the non-executive chairman of IDFC and his term ended on 30 July 2021.

The company had put up six resolutions for voting at the annual general meeting. Except Vinod Rai's appointment, the other five resolutions were passed with majority.

Other resolutions included approving the financial statements of the company and the appointment of two other independent directors, Jaimini Bhagwati and Anil Singhvi.

The 24th Annual General Meeting (AGM) of the Members of IDFC was held on Wednesday, 22 September 2021 at through video conferencing ('VC')/other audio‐visual means.

Vinod Rai (chairman of the board, chairman of the stakeholder relationship committee and strategy and investment committee) chaired the meeting.

Last week, the board of IDFC and IDFC Financial Holding on 17 September 2021 approved to initiate steps to divest its mutual fund business. The respective boards have authorised respective strategy & investment committees to take necessary steps, including appointment of investment banker, for the same, the company said in a statement.

IDFC AMC is sponsored by IDFC. The AMC manages a range of funds across debt and equity asset classes and has a distribution reach that covers 39 cities directly and has an indirect presence in over 283 towns across India.

On a consolidated basis, IDFC reported net loss of Rs 410.08 crore in Q1 June 2021 higher than net loss of Rs 24.46 crore in Q1 June 2020. Total income rose 7.15% to 111.56 crore in Q1 June 2021 over Q1 June 2020.

IDFC is a financial services company in India and it advances infrastructure development in the country.

Shares of IDFC was down 0.18% at Rs 55.55. The stock hit a high of Rs 56.40 and a low of Rs 55.35 so far.

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