Fino Payments Bank holdco tweaks rule on voting day to eject bank chief

The resolution to reappoint Mahendra Kumar Chouhan and Punita Kumar-Sinha was voted down by 80% of shareholders, which included 100% of the promoter group

On April 29, Fino Paytech, the promoter company of Fino Payments Bank (Fino PB), decided to limit the tenure of independent directors for companies in the group to one term. The decision was taken on the same day the electronic voting (e-voting) for the reappointment of Fino PB chairman and other independent directors on the board came up.

All promoters of Fino PB, including Fino Paytech, voted against the resolution of the reappointment of Mahendra Kumar Chouhan who was an independent board member and also chairman of the board.

The promoter group also voted against the reappointment of Punita Kumar-Sinha — another