The administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) has withdrawn the nomination of its nominee director on the Board of Directors of Axis Bank and also surrendered its right to appoint one nominee director on the Bank’s board.
SUUTI requested the Bank to make appropriate amendments to its Articles of Association (AOA). It also requested the Bank to exit SUUTI from the ‘promoter’ category and reclassify it to the ‘public’ category. SUUTI held 0.02 per cent of the voting rights of the Bank as of December-end 2022.
Axis Bank’s board approved the amendment to the Bank’s AOA, limited to cancellation of nomination rights of SUUTI and other consequential changes thereupon, subject to the approval of the members of the Bank and Reserve Bank of India, per the bank’s regulatory filing.
The bank’s board also decided to obtain approval of members of the Bank through a postal ballot for the aforementioned amendments to the Bank’s AOA; and agreed to consider the reclassification request of SUUTI in the immediate next board meeting or within three months from the date of receipt of the said request from SUUTI, whichever is earlier.