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PNB Housing Finance shareholders approved resolutions appointing Hardayal Prasad as managing director and CEO and re-appointing others to the board of directors of the firm with the required majority. Re-appointments of independent directors (IDs) Chandrasekaran Ramakrishnan and Nilesh S Vikamsey, whose re-induction was red-flagged by a proxy advisory company earlier this month, were among the motions passed. The extraordinary general meeting (EGM) of the company on June 22 was held to seek approval from shareholders for the allotment of preference shares to the US-based Carlyle Group, resulting in a Rs 4,000 crore investment in the company. Since the Carlyle-led deal has been involved in controversy and the dispute has now reached the Securities Appellate Tribunal (SAT), the business has been barred from announcing the vote results on the preference issue until the matter is resolved next month. The deal was announced on May 31, and it is still awaiting shareholder and regulatory approvals. The resolutions under item numbers 3 to 10 of the EGM notice were passed with the required majority, according to PNB Housing Finance in a regulatory filing. The resolution included the appointments of Prasad, Neeraj Madan Vyas as a non-executive non-independent director, Sudarshan Sen as an independent director, Kapil Modi as a non-executive nominee director, and Gita Nayyar as an independent director, as well as the reappointments of Vikamsey and Chandrasekaran, were all approved. Prasad, an experienced banker who previously worked for SBI before joining PNB Housing Finance, has been appointed for a three-year term, from 10 August, 2020 to 9 August, 2023. The company also mentioned that the results for item number 1(related to preference shares issuance) of the EGM will be announced in accordance with the order of the Securities Appellate Tribunal dated 21 June, 2021. The results of EGM item number 2 (related to changes in Articles of Association) are related to item number 1, and the company will declare the results of item number 2 along with item number 1 as per the SAT order. The company filed the SAT on June 21 in response to a SEBI order directing it not to proceed with the proposed preference issue until an independent registered valuer valued the shares. The issue price for the deal was set at Rs 390 per share by the board of directors. On July 5, SAT will reveal its final order on preference shares. Image Source Also read: SEBI directs PNB Housing Finance to halt fundraising plan Also read: PNB Housing set to raise around Rs 4,000 cr from Carlyle, others