REG - Axis Bank Ltd Axis Bank Ltd (144A) - Disclosure under Reg. 30 of SEBI (LODR) Reg. 2015

Axis BankAnnouncement

27/03/2023 16:00

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RNS Number : 3564U  Axis Bank Limited  27 March 2023

AXIS/CO/CS/618/2022-23

 

March 27, 2023

 

Dear Sir(s),

 

SUB.: WITHDRAWAL OF NOMINATION OF NOMINEE DIRECTOR, SURRENDER OF ITS
NOMINATION RIGHTS BY THE ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE
UNIT TRUST OF INDIA, CONSEQUENT AMENDMENTS TO ARTICLES OF ASSOCIATION AND
RECEIPT OF REQUEST FOR RE-CLASSIFICATION

 

REF:   REGULATION 30 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015 ("LISTING REGULATIONS")

 

This is to inform you that the Administrator of the Specified Undertaking of
the Unit Trust of India ("SUUTI"), one of the promoters of the Bank, vide its
letters dated March 27, 2023 has:

 

(i)   withdrawn the nomination of its nominee director on the Board of
Directors of the Bank ("Board");

(ii)  surrendered its right to appoint one nominee director on the Board;

(iii) requested the Bank to make appropriate amendments to the Articles of
Association of the Bank ("AOA"); and

(iv) made a request to the Bank to exit SUUTI from "promoter" category and
reclassify it to "public" category.

 

Accordingly, the Board has on March 27, 2023:

 

(i)   Noted the aforesaid letters dated March 27, 2023 received from SUUTI;

(ii)  Approved the amendment to the Bank's AOA, limited to cancellation of
nomination rights of SUUTI and other consequential changes thereupon, subject
to the approval of the members of the Bank and Reserve Bank of India;

(iii) Decided to obtain approval of members of the Bank through postal ballot
for the above-referred amendments to the Bank's AOA; and

(iv) As required under Regulation 31A of the Listing Regulations, agreed to
consider the reclassification request of SUUTI in the immediately next board
meeting or within three months from the date of receipt of the said request
from SUUTI, whichever is earlier. Since SUUTI holds less than one percent of
the voting rights of the Bank, the provisions of Regulation 31A(3)(a)(iii) of
the Listing Regulations with respect to approval of the members are not
applicable.

 

We also wish to inform that consequently, Vasantha Govindan, nominee director
of SUUTI has ceased to be a director on the Board of the Bank with effect from
March 27, 2023. The Bank acknowledges the invaluable contributions rendered by
Vasantha Govindan during her tenure as a nominee director and places on record
its deep appreciation for her guidance as a member of the Board.

 

This is for your information and records.

 

Thanking You.

 

With warm regards,

 

For Axis Bank Limited

 

 

Sandeep Poddar

Company Secretary

http://www.rns-pdf.londonstockexchange.com/rns/3564U_1-2023-3-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3564U_1-2023-3-27.pdf)

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