Former CAG Vinod Rai fails to get re-elected on IDFC Board

Over 62% IDFC shareholders reject appointment of Vinod Rai as non-independent, non-executive director

Vinod Rai has failed to secure a place on the Board of IDFC Ltd as 62.28 per cent votes from shareholders were against his nomination as director till May 22, 2023. The name of Rai, former Comptroller and Auditor General of India (CAG), was proposed for the position of non-executive and non-independent director on board.

IDFC, in a BSE filing, said Item no 5 of the notice – an ordinary resolution (appointment of Rai as director) -- has not received the requisite votes and hence does not stand passed. The number of votes in his favour were 37.11 per cent.