IndusInd Bank promoters' MF plan to affect shareholders' interest?

IndusInd Bank plans to expand into para banking, including mutual funds and broking. IndusInd International Holdings Ltd (IIHL), the Hinduja group's holding company, has formed a joint venture with US-based Invesco, with IIHL holding a 60% stake and Invesco 40%. \r

However, corporate governance experts criticize this move, arguing it may not benefit minority shareholders. Shriram Subramanian of InGovern noted that the stake is being bought through IIHL, not directly by IndusInd Bank. As of March 31, promoters held a 16.40% stake in IndusInd Bank, with IIHL holding 12.49%. Queries to IndusInd Bank and IIHL remained unanswered.