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HDFC Bank on Wednesday said Mr Keki Mistry has ceased to be a director on its board as he has completed his eight-year tenure.
“Mr Mistry has completed his eight-year tenure at the close of business hours on March 26, 2011, and as a consequence has ceased to be a director of the bank,” HDFC Bank informed the Bombay Stock Exchange.
In terms of the provisions of Section 10A(2A)(i) of Banking Regulation Act, 1949, no director of a banking company, other than its chairman or whole-time director, by whatever name called, shall hold office continuously for a period exceeding eight years, the bank said.
Mr Mistry is Vice-Chairman and Chief Executive Officer of HDFC Ltd which is the promoter of HDFC Bank, with around 23.6 per cent stake.
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