Mumbai: IDFC Ltd, shareholders on Wednesday rejected the proposal to appoint Vinod Rai as a non-independent, non-executive director on the company’s board, at its annual general meeting. Over 62 per cent shareholders voted against the proposal while only 37.7 per cent were in favour, filing made to stock exchanges showed.
Rai’s reappointment was the only proposal that didn’t get a requisite vote. Other proposals such as the appointment of Jaimini Bhagwati and Anil Singhvi as independent directors received shareholder nod.
In May this year, the IDFC board had given a go-ahead to Rai’s appointment as non-independent director till May 2023. Rai who was seeking his third term is presently serving as non-executive chairman of IDFC.
The shareholder’s ire comes after IDFCs delay in selling its asset management business and unlocking shareholder value.
