Fino Payments Bank promoters vote against reappointing chairman, others

The resolution to reappoint Mahendra Kumar Chouhan and Punita Sinha was voted down by 80% of shareholders of Fino Payments Bank, which included 100% of the promoter group

In a surprise move, the promoters of Fino Payments Bank, Fino Paytech Ltd, have voted against the reappointment of its current chairman, Mahendra Kumar Chouhan, and independent director Punita Sinha in a shareholder meeting.

Fino Paytech, which is the holding company of the bank owning around 75 per cent stake, has investors like insurance behemoth Life Insurance Corporation of India, ICICI Bank, ICICI Lombard, Corporation Bank, Union Bank, The Blackstone Group, Indian Bank, and others.

The resolution to reappoint Chouhan and Sinha was voted down by 80 per cent of shareholders, which included 100 per cent of the promoter group.