Shareholders oust TPG's Bhatia from Shriram Transport Finance board

Resolution for his reappointment got only 43.1% overall, failing to reach 50% threshold required to pass an ordinary resolution

Minority shareholders of Shriram Transport Finance Company (STFC) overwhelmingly voted against a resolution to reappoint private equity major TPG Capital Asia’s co-managing partner and India head Puneet Bhatia as a board member.

This makes it a rare instance of public shareholders coming together to oust a high-profile India Inc board member. The issue also underscores the growing scrutiny by investors and voting advisory firms of the performance of board members.

Vehicle finance company STFC got shareholders’ approval on all the seven resolutions it floated at the annual general meeting (AGM) on Thursday, barring the one “to appoint Puneet Bhatia, who