According to SFTC's 2019-20 annual report, of the total six Board meetings, he attended only three, in 2019-20. Proxy advisory firms recommended voting against the proposed appointment of Director where the attendance of Director does not meet the benchmarks, which is 75 per cent attendance.
"Bhatia has been representing TPG on the Boards of the various companies
in the Shriram Group.
He has been adding a lot of value and immensely contributed to the growth of various businesses in the Group, including STFC," said Shriram Group.
"He has also been in discussions with the Leadership and Management on various occasions, apart from the meetings of the Board and Committees. It was unfortunate that recently some of the shareholders voted against his continuance as a Director, possibly solely relying on attendance not being very high for the Board meetings," said in the statement.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.