Indusind Bank said on Friday that her proposal to introduce two candidate administrators in the board of the private sector, could not get the approval of the shareholders during the annual general meeting of the bank.
The majority shareholders, 54.04 percent, voted against the change in the Association of the Bank, according to the legal submission by Indusind Bank.
However, the shareholders approved the appointment of the new director and CEO Rajiv Anand as part of her efforts to get out of the financial mess caused by earlier fraud.
The Mauritius-based promoter company Indusind International Holdings LTD (IIHL) said in a statement that the resolution, which also required the change in the Bank’s Association Articles, received prior approval from the Bank of India (RBI) and the Bank’s board. “We understand, however, that the aforementioned resolution in the AGM of the Indusind Bank that was held today was not implemented, although the proposed resolution was in accordance with the applicable laws and administrative practices,” said IIHL President and CEO Moses Harding in a statement.
He said that Proxy advisers had increased certain observations against the resolution.
“We believe that there is a wrong interpretation and we will be happy to tackle the worries in accordance with the RBI approval received. Our aim will be to dispel the idea that the Proxy advisers are accepted about this,” he said.
Harding underlined that IIHL has been a promoter of Indusind Bank for more than 30 years, so that the lender is consistently supported through several companies and regulatory cycles without seeking the representation of the council or specific nominations.
The promotion entity mentioned various support agencies, including subscribing to 1.57 Crore Warrants from the Bank in February 2021 at £ 1,709 per share – when the market price was £ 1,046 – for an amount of £ 2,683 crore; Extend the support during the Lehman crisis of 2008; and participate in capital building measures during the COVID Pandemie.
According to RBI’s ownership and administrative guidelines of 2008 and revised instructions of 2023, IIHL reduced its interest in Indusind Bank to around 15 percent of more than 90 percent in 1994.
The company has sought RBI approval to increase its interest to 26 percent, in accordance with the acceptance by the Central Bank of the Recommendations of the Internal Working Group.
“Promoters have always kept the importance of the shareholders as the primary goal and will continue to do so in all future times,” Harding said.
Published on August 30, 2025
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