IDFC faces investor ire on delay in divestments and mergers

IDFC Ltd's - the holding company of IDFC First Bank - management came in for sharp critique from investors over long delays in divestment of stake in assets, including the bank and mutual funds. There was also no clarity on meeting timelines for the merger of some of the entities.

In a conference call with investors ahead of an annual general meeting (AGM), Chairman Vinod Rai said the company had a very complex corporate structure. The three main entities are a non-operating financial company, IDFC Projects, and IDFC Foundation. The non-operating entity has various financial services businesses, including a bank