IDFC shareholders have rejected Vinod Rai’s re-appointment to the Board as a Non-Executive Director, according to details shared on the September 22 stock exchange after the company’s 24th annual general meeting.
As a result of the vote, 62.3 percent of shareholders voted against the decision and 37.7 percent voted in favor of it. Rai is currently the chairman of the Board.
Shareholders have approved all other decisions at the AGM. Earlier, there were reports that some investors had also called for the re-election of Rai as an independent, non-executive director. In May this year, the IDFC appointed Rai as an independent director, who is not part of the executive council pending the approval of shareholders.
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Vinod Rai was the Executive Director and Auditor-General of India and has extensive experience working in various fields in both, central and provincial governments. Rai was also the Chairman of a Government-run Banks Board Bureau.
Also, Rai had been a Director on several boards including State Bank of India, ICICI Bank, IDBI Bank and Life Insurance Corporation of India.
