Company Announcements

Proceedings of 42nd Annual General Meeting

Source: RNS
RNS Number : 8040H
Housing Development Fin. Corp. Ltd.
02 August 2019
 

Ref. No.: SE/2019-20/140

 

August 2, 2019

 

BSE Limited                                                               National Stock Exchange of India Limited

P. J. Towers                                                                 Exchange Plaza, Plot No. C/1, G Block

Dalal Street                                                                 Bandra-Kurla Complex

Mumbai 400 001                                                         Bandra (East), Mumbai 400 051

 

Kind Attn:   Sr. General Manager                              Kind Attn: Head - Listing
 DCS - Listing Department
           

Dear Sirs,

 

Sub:    Intimation under Regulations 30 and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)

 

We wish to inform you that the 42nd Annual General Meeting (AGM) of the Members of the Corporation was held today at 2.30 p.m. at Mumbai. The Members present at the AGM transacted the businesses mentioned in the Notice dated May 13, 2019.

 

In this connection and as required under the Listing Regulations and the applicable provisions of the Companies Act, 2013, we submit the following:

 

1.   Summary of the proceedings of the AGM;

2.   Combined e-voting results in the prescribed format; and

3.   Report on combined e-voting results dated August 2, 2019 issued by the Scrutinizer i.e. Mr. N. L. Bhatia, Managing Partner, Messrs N. L. Bhatia & Associates, Practicing Company Secretaries.

 

You are requested to kindly take the above documents on record.

 

Thank you.

 

Yours faithfully,

For Housing Development Finance Corporation Limited

 

 

Ajay Agarwal

Company Secretary

 

Encl. a/a

 

cc.        The London Stock Exchange

            10, Paternoster Square,

            London, EC4M 7LS.

 

 

Summary of the Proceedings of the 42nd Annual General Meeting of the Corporation

 

The 42nd Annual General Meeting (AGM) of the Members of the Corporation was held on Friday, August 2, 2019 at 2:30 p.m. at Birla Matushri Sabhagar, 19, New Marine Lines, Mumbai 400 020. The requisite quorum being present, Mr. Deepak S. Parekh, Chairman of the Corporation called the meeting to order and welcomed the Members to the meeting. The Corporation had also provided facility for one-way live web cast of the AGM, which was available on the Corporation's website www.hdfc.com. The meeting commenced at 2.30 p.m. and concluded at around 5.10 p.m.

 

On behalf of the Board of Directors, Mr. Deepak S. Parekh extended a warm welcome to Mr. Bhaskar Ghosh and Ms. Ireena Vittal, newly appointed independent directors.

 

Mr. Parekh stated that all the directors of the Corporation were present at the AGM including Mr. Jalaj Dani, Chairman of the Audit and Governance Committee, Dr. J.J. Irani, Chairman of the Stakeholders Relationship Committee and the Nomination and Remuneration Committee of the Corporation. Representatives of the statutory and secretarial auditors also attended the meeting.

 

295 Members attended the AGM in person or through proxy.

 

Mr. Parekh welcomed all the Members to the AGM of the Corporation. He further announced that the Corporation has received 10 proxies representing 0.001 % of the total issued and paid-up share capital of the Corporation.

 

Mr. Parekh informed that the requisite registers were open for inspection by the Members till the conclusion of the meeting.

 

Mr. Parekh then commenced his speech and gave an overview of the operations and the financial performance of the Corporation for the financial year ended March 31, 2019 and also for the quarter ended June 30, 2019. He also provided an insight on the major developments during the
FY 2018-19 and the current year. Thereafter, he
invited questions from the Members on the financials and the businesses listed in the Notice to be transacted at the AGM.

 

After listening to all the queries, Mr. Parekh gave detailed response to the said queries and concluded his speech by placing on record his profound gratitude to all the stakeholders for having reposed their confidence in the Corporation and to the employees of the Corporation for their hard work and dedication. Thereafter, he informed the Members that the Corporation had made arrangements for e-voting at the venue of the meeting for those shareholders who had not cast their vote through remote e-voting facility.

 

The following valid businesses as set out in the Notice dated May 13, 2019 convening this AGM were transacted through e-voting:

 

 

 

Ordinary Business:

 

1(a). Adoption of the audited financial statements of the Corporation for the financial year ended March 31, 2019 together with the reports of the Board of Directors and Auditors thereon.

 

1(b). Adoption of the audited consolidated financial statements for the financial year ended March 31, 2019 together with the report of the Auditors thereon.

 

2.       Declaration of final dividend on equity shares of the Corporation for the financial year ended March 31, 2019 and confirmation of payment of interim dividend during the said period.

 

Special Business:

 

3.      Appointment of Mr. V. Srinivasa Rangan (DIN: 00030248) as an Independent Director of the Corporation.

 

4.      Fixation of Remuneration of Messrs B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), Statutory Auditors of the Corporation at Rs 2,00,00,000 plus applicable taxes and reimbursement of out of pocket expenses.

 

5.      Appointment of Dr. Bhaskar Ghosh (DIN: 06656458) as an Independent Director of the Corporation.

 

6.      Appointment of Ms. Ireena Vittal (DIN: 05195656) as an Independent Director of the Corporation.

 

7.      Re-Appointment of Mr. Nasser Munjee (DIN: 00010180) as an Independent Director of the Corporation.

 

8.      Re-Appointment of Dr. J. J. Irani (DIN: 00311104) as an Independent Director of the Corporation.

 

9.      Approval of related party transactions with HDFC Bank Limited.

 

10.    Approval of payment of commission to the non-executive directors of the Corporation.

 

11.    Approval of revision in salary range of Mr. Keki M. Mistry, Managing Director (designated as Vice Chairman & CEO) of the Corporation from ` 27,00,000 per month to ` 36,00,000 per month with effect from January 1, 2019.

 

12.    Approval for issuance of redeemable non-convertible debentures and/or other hybrid instruments on private placement basis, up to an amount not exceeding `1,25,000 crore.

 

Based on the Scrutinizer's Report dated August 2, 2019 issued by Mr. N. L. Bhatia of Messrs N. L. Bhatia & Associates, practising company secretaries, all the aforementioned business were passed by the Members with requisite majority.

 

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