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

Vinod Rai

Shareholders of IDFC has rejected the re-appointment of Vinod Rai on the Board as Non-Independent Non-Executive Director, according to the information shared with the stock exchanges on September 22 post the 24th annual general meeting of the firm.

According to the outcome of the voting, 62.3 per cent of the shareholders voted against the resolution while 37.7 voted in support. Rai is currently the Chairman of the Board.

Shareholders approved all other resolutions at the AGM. Earlier, there were reports that some investors had red-flagged the proposal to re-appoint Rai as non-independent, non-executive director. In May this year, IDFC had appointed Rai as non-independent, non-executive director pending shareholder approval.

Vinod Rai was the former Comptroller and Auditor General of India and has wide experience of working in various capacities at both, the Central and State Governments. Rai was also the Chairman of Banks Board Bureau constituted by the Government.

Also, Rai had been a Director on several Boards including the State Bank of India, ICICI Bank, IDBI Bank and Life Insurance Corporation of India.