Former CAG Vinod Rai fails to secure second term at IDFC

In its peculiar concern Item No.5 of the 24th AGM notice, the institution said, “the point 5 has not got requisite bulk and hence is not passed”. Out of the six resolutions mentioned successful the announcement “five basal passed”, the institution said successful a filing to the banal exchanges. (File image)

Vinod Rai, erstwhile Comptroller and Auditor General (CAG) whose sanction was projected for the station of non-executive and non-independent manager connected the committee of directors of IDFC, has failed to unafraid the spot arsenic 62.8% votes were formed against the resolution.

The information for the presumption of non-executive manager was for the play till May 22, 2023.

In its peculiar concern Item No.5 of the 24th AGM notice, the institution said, “the point 5 has not got requisite bulk and hence is not passed”. Out of the six resolutions mentioned successful the announcement “five basal passed”, the institution said successful a filing to the banal exchanges.

The shareholders passed resolutions approving fiscal connection for 2020-21, appointing statutory auditor and their remuneration and assignment of 2 autarkic directors — Jaimini Bhagwati and Anil Singhvi. They besides passed the connection for outgo of committee to non-executive director. Bhagwati has been appointed an autarkic manager with 63.088% votes successful favour, portion Singhvi has been appointed autarkic manager with 97% favourable votes. The mean solution needs 50% +1 votes for it to pass.

Infrastructure Development Finance Company (IDFC) had sought shareholders’ motion for the assignment of Rai arsenic non-executive and non-independent director, since helium was an autarkic manager for 2 presumption and could not beryllium appointed for the 3rd term. Rai had resigned arsenic IDFC’s autarkic manager earlier his 2nd word could end. He was reappointed by IDFC arsenic a non-independent manager connected the committee connected May 25.

IDFC shares closed 2.02% higher astatine Rs 55.65 per stock connected the BSE.