Keki Mistry ceases to be director of HDFC Bank

Wednesday, 30 March 2011, 17:51 Hrs
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Mumbai: HDFC Bank today said Keki Mistry has ceased to be a director on its board as he has completed his 8-year tenure.

"Mistry has completed his 8-year tenure at the close of business hours on March 26, 2011 and as a consequence has ceased to be a director of the bank," HDFC Bank informed the Bombay Stock Exchange.

In terms of the provisions of section 10A(2A)(i) of Banking Regulation Act, 1949, no director of a banking Company, other than its Chairman or whole-time Director, by whatever name called, shall hold office continuously for a period exceeding eight years, the bank said.

Mistry is vice chairman and Chief Executive Officer of HDFC Ltd which is the promoter of HDFC Bank, with around 23.6 per cent stake.
Source: PTI
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