Fino Payment Bank promoters vote out chairman, director

The promoters of Fino Payments Bank have voted in opposition to reappointment of chairman Mahendra Kumar Chouhan and impartial director Punita Kumar Sinha in a shareholder assembly.

The decision to reappoint Chouhan and Sinha was voted down by 80.69 per cent of shareholders. The promoter additionally voted in opposition to the rise within the authorised share capital of the financial institution and the alteration of the capital clause of the memorandum of affiliation of the financial institution.

The promoter Fino Paytech, which owns round 75 per cent stake within the financial institution, has traders like Life Insurance Corporation of India, ICICI Bank, ICICI Lombard, Corporation Bank, Union Bank and Indian Bank. The e-voting concluded on April 29.

In an announcement issued on Monday, Fino Payment Bank stated Fino Paytech adopted a due course of to re-appoint impartial administrators.

“In order to introduce fresh talent and experience to meet the evolving challenges of the market, the board of Fino Paytech Ltd decided to limit the tenure of independent directors to one term.”

“We place on record the significant contribution made by our outgoing independent directors over the past five years and we miss their strategic steer. “As such any speculation on the development is unwarranted,” it stated.

Fino Payment shares have been up 1.29 per cent to Rs 302.25.

The financial institution’s IPO was priced at Rs 577 per share.