IDBI Bank has raised governance concerns over the exclusion of nominee directors from board meetings of New Tirupur Area Development Corporation Ltd (NTADCL) post-loan repayment. Despite provisions allowing their retention until all dues are settled, the directors were excluded, leading IDBI Bank to write to the Registrar of Companies (ROC). NTADCL, which underwent Corporate Debt Restructuring in 2011, excluded IDBI Bank and SBI s nominee directors, citing vacancy due to loan repayment. IDBI Bank seeks ROC s intervention to assert its right to retain Nominee Directors until all dues are cleared, citing clauses in the MRA, AoA, and Companies Act, 2013.
Religare shareholders reject two special resolutions financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Shareholders who voted against CEO Byju Raveendran hold more than 60 per cent of the company, including Dutch investment firm Prosus, General Atlantic and Peak XV Partners