IDFC appoints ex-CAG Vinod Rai as independent director

Infrastructure financing firm IDFC on Tuesday appointed former comptroller and auditor general Vinod Rai as an independent director with immediate effect.

"This is subject to approval of the shareholders at the ensuing annual general meeting of the company," IDFC said in a stock exchange filing.

Rai, who has earlier served as secretary in the department of financial services and has been director in various financial institutions like the SBI, ICICI Bank, IDBI Bank and LIC, was responsible for setting up the India Infrastructure Finance Company and was also on its board.

Meanwhile, Madras High Court on Monday gave permission for IDFC's scheme of de-merger of its banking entity, IDFC Bank Ltd.

According to the order, the de-merged entity, IDFC, primarily engaged in project financing and other financial services, has pursuant to in-principle approval from the Reserve Bank of India, proposed to de-merge its financing undertaking to IDFC Bank to carry out the business of banking.