IDFC shareholders reject nomination of Vinod Rai as director

Shareholders of IDFC Ltd have rejected the nomination of Vinod Rai, who’s at present chairman of the corporate, as a director on the board of IDFC.
According to an change submitting, 62.28 per cent votes from shareholders had been towards his nomination as director until May 22, 2023. Only 37.71 per cent votes of shareholders got here in favour of Rai, who was earlier Comptroller and Auditor General of India. His title was proposed for the place of non-executive and non-independent director on the IDFC board.
The strange decision wants 50 per cent for its passage. Meanwhile, shareholders voted in favour for the nomination of Jamini Bhagwati and Anil Singhvi as Directors on the IDFC board.
IDFC shares closed 2.02 per cent increased at Rs 55.65 per share on the BSE.
Vinod Rai has large expertise of working in numerous capacities at each the Central and State governments. His earlier place was as Secretary within the Ministry of Finance in Delhi the place he was answerable for managing the monetary providers sector, together with banks and insurance coverage firms.