IndusInd investors block promoter bid for board seats

Mumbai: IndusInd Bank shareholders on Thursday voted down a proposal that would have allowed the promoters to appoint up to two directors on the lender's board. At the AGM, 54% of those who voted opposed an amendment to the bank's articles of association that sought to define "promoters" in line with RBI rules and insert a clause giving them nomination rights, subject to a cap on non-independent directors.

All other resolutions at the meeting were cleared with a strong majority. The bank is promoted by IndusInd Holdings which in turn is led by Hindujas.