Majority of minority rule against corporate democracy?

According to many experts, ICICI Bank shouldn't have nominated Kochhar ISL director

In the annual general meeting (AGM) of ICICI Securities Limited (ISL), held on August 30, 2018, the shareholders elected Chanda Kochhar, the CEO and MD of ICICI Bank Limited (hereafter, bank), as a director. ISL is a listed subsidiary of the bank, which holds 79.22 per cent stake in the company. The Institutional holding (including mutual funds) in the company is 15.80 per cent and public (other than institutions) shareholding is 4.97 per cent. 

The bank nominated Kochhar and voted in favour of appointing her as a director of ISL.  This has raised questions on the standard of corporate governance