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IDFC shareholders reject proposal to appoint Vinod Rai as non-executive director

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IDFC shareholders reject proposal to appoint Vinod Rai as non-executive director

New Delhi, Sep 22 (PTI) Financial company IDFC Ltd. Shareholders of the company on Wednesday rejected the proposal to re-appoint former Comptroller and Auditor General of India (CAG) Vinod Rai as non-executive director of the company.

Rai is currently the non-executive chairman of the company.

The company’s 24th Annual General Meeting held on Wednesday voted to appoint Rai as a non-independent non-executive director. Under the proposal, his appointment was proposed till May 22, 2023.

In the electronic voting, 37.1 percent of the shareholders’ votes were in favor of Rai. This is less than the required majority.

IDFC Ltd. In the information given to the stock exchange, the said, “Item number 5 in the notice did not get the required majority. Hence it could not be passed.

Rai was an independent non-executive director in the company with effect from June 30, 2015. His second term as an independent director ended on July 30, 2021.

According to the company’s annual report, 73-year-old Rai got a reward of Rs 33,50,273 in 2020-21.

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