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IndusInd Bank Ltd clarifies on appointment of executives of BFIL by SSFL

Posted On: 2021-11-23 11:41:17 (Time Zone: IST)

Spandana Sphoorty Financial Limited (SSFL) has issued a press release regarding appointment of Mr. Shalabh Saxena as MD & CEO and Mr. Ashish Damani as Chief Financial Officer of SSFL. In this connection, IndusInd Bank Ltd has clarified as under:

1. Mr. Shalabh Saxena and Mr. Ashish Damani are currently employed with the Bank's wholly-owned subsidiary, Bharat Financial Inclusion Limited (BFIL), in the capacity of the Managing Director & Chief Executive Officer and Executive Director & Chief Financial Officer, respectively.

2. Neither, Mr. Shalabh Saxena nor Mr. Ashish Damani have tendered their resignation from the services of BFIL. As per the terms of their employment, once the resignation is tendered, it is subject to acceptance by the Board of Directors of BFIL (Board). Upon acceptance by the Board, a specified notice period is also required to be served. However, as neither of them have tendered their resignations to BFIL, such due process has not been initiated.

3. Moreover, as per their contractual terms of employment, Mr. Shalabh Saxena and Mr. Ashish Damani are also prohibited from accepting employment at a competitor of BFIL (such as SSFL), unless approved in writing by the Board of BFIL. As stated above, as resignation from BFIL has not been tendered to the Board by Mr. Shalabh Saxena and/or Mr. Ashish Damani, any purported acceptance by them of employment at SSFL would be in contravention of the terms of their employment with BFIL.

4. Further, certain transactions relating to BFIL are subject matter of an ongoing review and the continued employment of Mr. Shalabh Saxena and Mr. Ashish Damani at BFIL is critical to the closure of such process. Accordingly, they cannot be relieved from the services of BFIL, until completion of the said review.

In light of the above, BFIL and the Bank are in the process of evaluating and undertaking appropriate steps and actions, including strengthening the management of BFIL to continue its usual business operations under the able guidance of its management and the Bank.

Shares of IndusInd Bank Limited was last trading in BSE at Rs. 1006.70 as compared to the previous close of Rs. 1008.05. The total number of shares traded during the day was 242364 in over 8076 trades.

The stock hit an intraday high of Rs. 1034.95 and intraday low of 989.00. The net turnover during the day was Rs. 242767254.00.

Shares of Spandana Sphoorty Financial Limited was last trading in BSE at Rs. 441.50 as compared to the previous close of Rs. 465.35. The total number of shares traded during the day was 7162 in over 717 trades.

The stock hit an intraday high of Rs. 467.45 and intraday low of 436.00. The net turnover during the day was Rs. 3178400.00.

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