IndusInd Bank Shareholders Reject Proposal For Promoter-Backed Nominee Directors

IndusInd Bank said its shareholders voted against amending the articles of association to induct two Nominee Directors, with 54.04% opposing the resolution.

The proposal was put forward by promoter entity IndusInd International Holdings Limited (IIHL), which said it had already secured approval from the Reserve Bank of India (RBI) and the bank’s Board. IIHL President and CEO Moses Harding stated that the rejection came despite compliance with applicable laws and governance practices, attributing it to objections raised by proxy advisors. Harding added that the promoters will continue to engage with stakeholders to address concerns. IIHL highlighted its long-standing support for IndusInd Bank, including capital infusions during past financial challenges, while maintaining that shareholder interests remain a priority.