Economy

Keki Mistry exits HDFC Bank board

The bank’s board has also approved the re-appointment of Malay Patel as independent director for a period of three years commencing from March 31, 2020.

Keki Mistry, vice-chairman and CEO of Housing Development Finance Corporation (HDFC), has stepped down from the board of HDFC Bank.

The Banking Regulation Act mandates no director of a banking company, other than its chairman or wholetime director, can hold office continuously for a period exceeding eight years. Mr. Mistry had completed a consecutive term of eight years at the close of business hours on January 18, 2020, HDFC Bank said. Mr. Mistry was parent HDFC’s nominee on the board of HDFC Bank.

The bank’s board has also approved the re-appointment of Malay Patel as independent director for a period of three years commencing from March 31, 2020 and also the re-appointment of Kaizad Bharucha as an executive directorfor a period of three years starting from June 13, 2020 , upon expiration of his term on June 12, 2020.

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Printable version | Feb 20, 2020 7:17:49 AM | https://www.thehindu.com/business/Economy/keki-mistry-steps-down-from-hdfc-bank/article30595733.ece

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