Mumbai : Financial sector doyen Deepak Parekh was re-appointed as non-executive director on the board of country’s largest mortgage lender HDFC, though 22.64 per cent of the shareholders voted against his continuation.
HDFC Chairman Parekh secured approval of 77.36 per cent shareholders at the annual general meeting (AGM) of the company held here on Monday. Parekh has been at the helm of HDFC for close to 30 years. J J Irani and Keki Mistry too got re-appointment as directors to HDFC’s board with more favourable votes.
As per the Companies Act, the votes cast in favour of a special resolution are required to be not less than three times the number of the votes, if any, cast against the resolution. HDFC had to come out with special resolution for re-appointment of its Parekh as he would cross the age of 75-year on October 18 next year.