IndusInd Bank Faces Shareholder Pushback on Board Nominees

IndusInd Bank Faces Shareholder Pushback on Board Nominees

IndusInd Bank Faces Shareholder Pushback on Board Nominees IndusInd Bank's attempt to introduce two nominee directors to its board hit a roadblock when shareholders disapproved the move at the annual general meeting. With a 54.04% shareholding majority, the proposal was refused.Despite prior clearance from the Reserve Bank of India and the bank's board, the promoters faced objections from proxy advisors. President and CEO of IIHL, Moses Harding,…

IndusInd Bank Shareholders Reject Promoter IIHL's Bid For Two Board Nominees

Shareholders of IndusInd Bank on Friday rejected promoter IndusInd International Holdings Ltd.'s proposal to induct two nominee directors to the board. More than half of the shareholders voted against the IIHL proposal, which required an amendment to the bank's articles of association.

IndusInd Bank gets promoter IIHL backing as shareholders weigh in on nominee director proposal

New Delhi, Aug 29 (PTI) IndusInd Bank on Friday said its proposal to induct two nominee directors on the private sector lender's board could not get shareholders' approval at the bank's annual general meeting.The majority shareholders, 54.04 per cent, voted against the amendment in the articles of association of the bank, as per the regulatory filing by IndusInd Bank.However, the shareholders approved the appointment of new Managing Director and…