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IndusInd Bank shareholders reject promoters' proposal to induct nominee directors
Economic Times
·
9h ago
Medial
IndusInd Bank shareholders rejected a proposal from its promoters, the Hinduja Group, to appoint two nominee directors to the board, with 54% voting against the move. Although prior approvals from the Reserve Bank of India and the Bank’s Board were obtained, shareholders opposed the amendment required in the Bank's Articles of Association. IndusInd International Holdings Ltd. plans to address the concerns raised. The promoters emphasize their long-standing support for the bank and compliance with regulatory guidelines.
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Related News
Apple shareholders not expected to scrap diversity programs despite broader backlash
Economic Times
·
6m ago
Medial
Apple shareholders are expected to reject a proposal by the National Center for Public Policy Research to scrap Apple's diversity, equity, and inclusion programs, similar to a recent proposal rejected by Costco. Despite legal risks cited by the proposal's proponents, Apple argues its diversity initiatives are essential to its success and market value. The proposal highlights potential litigation risk but is unlikely to succeed, as Apple's management remains committed to diversity efforts.
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IndusInd Bank: Promoters will infuse capital into bank if and when required, says Ashok Hinduja
Business Today
·
5m ago
Medial
Ashok Hinduja, Chairman of IndusInd International Holdings Ltd (IIHL), stated that the promoters are committed to infusing capital into IndusInd Bank as and when needed. This support underscores the confidence in the bank's growth potential and financial health. Hinduja's assurance portrays a willingness to back the bank, ensuring it remains robust and well-capitalized to handle future opportunities and challenges, reinforcing stakeholders' trust in its stability and strategic direction.
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SoftwareOne says its board plan backed by ISS amid power struggle
Economic Times
·
1y ago
Medial
Swiss IT services provider SoftwareOne's compromise proposal to resolve a boardroom dispute with founding shareholders has received support from proxy advisory firm Institutional Shareholder Services (ISS). The founding shareholders, who control around 29% of the company's stock, had sought to vote out the current board of directors to facilitate a takeover. SoftwareOne's proposal suggests electing a proportionate number of the founding shareholders' nominees to the board, which has been approved by ISS. The annual general meeting is scheduled for April 18. ISS advises against a full replacement of the board proposed by the shareholders.
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IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod
Economic Times
·
2m ago
Medial
IndusInd Bank has recommended the appointment of Borkar & Muzumdar as joint statutory auditors after receiving approval from the Reserve Bank of India. The appointment will be proposed to shareholders in the bank's 31st Annual General Meeting. The bank has been facing challenges, including fraud allegations and accounting lapses. Meanwhile, CEO Sumant Kathpalia has resigned, accepting moral responsibility. Despite difficulties, RBI Governor Sanjay Malhotra noted that IndusInd Bank is currently stabilizing.
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Entire Dish TV board ousted in shareholder coup
Livemint
·
1y ago
Medial
Shareholders of Dish TV India voted against the appointment of four independent directors, leaving the company temporarily without a functional board. This move comes after 13 directors have already been ousted since September 2021, following concerns about poor corporate governance and issues surrounding the company's investments and board composition. Although Dish TV appointed two new directors before the shareholder vote, they did not receive prior approval from the ministry of information and broadcasting. The ongoing tussle between shareholders and promoters reflects dissatisfaction and a lack of agreement on board appointments.
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Vijay Shekhar Sharma resigns from Paytm Payments Bank amid board revamp
Livemint
·
1y ago
Medial
Vijay Shekhar Sharma, the founder of Paytm, has stepped down as the non-executive chairman of Paytm Payments Bank in response to regulatory restrictions. Paytm Payments Bank was barred by the Reserve Bank of India from accepting customer deposits due to non-compliance with regulations. Sharma's resignation aims to facilitate a smooth transition for the bank. Paytm has made additional changes to its board, appointing new independent directors and withdrawing its nominee. The company has also formed a group advisory committee to address regulatory concerns.
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IDFC First Bank shareholders reject proposal to offer board seat to Warburg Pincus
VCCircle
·
3m ago
Medial
IDFC First Bank shareholders have rejected a proposal to grant Warburg Pincus a non-executive director board seat despite the private equity firm's Rs 4,876 crore investment bid. Only 64.1% of shareholders voted in favor, short of the 75% needed for approval. Warburg aims to acquire a 10% stake in the bank. Meanwhile, shareholders approved issuing convertible preference shares and reclassifying share capital, with board leadership under Sanjeeb Chaudhuri and CEO V. Vaidyanathan.
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Zoomcar merges with Innovative International Acquisition Corporation
Economic Times
·
1y ago
Medial
Car sharing platform Zoomcar and special purpose acquisition company Innovative International Acquisition Corporation (IOAC) have completed their merger, with the combined entity named Zoomcar Holdings Inc. The merged entity is set to begin trading on NASDAQ. The merger, initially agreed upon on October 13, 2022, signifies a new phase in Zoomcar's growth. Mohan Ananda, IOAC Chairman and CEO, has been approved by IOAC shareholders as the nominee to the board of directors of Zoomcar Holdings and is expected to serve as the initial chairman of the board.
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Zee’s promoter gambit runs into resistance ahead of voting day
Livemint
·
2m ago
Medial
Three proxy advisory firms have advised shareholders of Zee Entertainment Enterprises Ltd to vote against a proposal to issue preferential warrants to promoter entities, which could increase promoters' stake from 3.99% to 18.39%. The firms, Stakeholders Empowerment Services (SES), InGovern, and Institutional Investor Advisory Services (IiAS), cited concerns over pricing, the rationale for using warrants, and the overall choice of financial instruments as reasons for their recommendation.
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Redington in a spot over CEO
Livemint
·
1y ago
Medial
Redington India, Apple's main distributor in India, is facing criticism for appointing a former independent director, V.S. Hariharan, as CEO. Several investors and proxy advisory firms argue that this move violates rules prohibiting independent directors from taking up executive roles within a year. Redington defends its decision, stating that Hariharan is a group CEO and not on the board, therefore the cooling-off period rule does not apply. Proxy firms are asking shareholders to reject Hariharan's appointment. This situation highlights concerns over corporate governance and raises questions about Redington's leadership.
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