Spandana Sphoorty Financial Limited appoints MD, CEO and CFO

The Board of Directors at its meeting held on Monday, November 22, 2021 has approved the appointment of Mr. Shalabh Saxena as the Managing Director and Chief Executive Officer of the Company for a period of 5 year with effect from the date of joining.

Mr. Shalabh Saxena has a strong retail financial experience of more than 26 years in Consumer Banking and Life Insurance industry. Throughout his career, he has run large profit centres and SBUs across various business lines in Life Insurance and Consumer Banking, core competence and exposure revolves around distribution and handling sales in large business environments, Marketing, Strategy, Information Technology, Planning, Alliances and Acquisitions.

He holds MBA in Marketing from B K School of Management, Ahmedabad. He has previously worked with Bharat Financial Inclusion Limited as MD & CEO, HSBC Life Insurance, ING Life Insurance and Standard Chartered Bank.

The board approved the appointment of Mr. Ashish Damani as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from the date of joining.

Mr. Ashish Damani has over 22 years of corporate experience and his expertise lies in Business Planning, Strategy, Structured Finance & Equity, Process, Risk Management, Accounts and Audit. He also has an experience of handling IT, Risk, Finance &Accounts, Process, Cross sell and Administration functions. He was previously associated with Bharat Financial Inclusion Limited for 19 years as ED & CFO and Fullerton India.

He holds a Post Graduate Diploma in Business Administration and has done AGMP from IIMA.

The board noted the update on the business of the Company and its Subsidiary, Criss Financial Limited including the transfer of the Company's IT systems and its management to a third party by the former Managing Director, Mrs. Padmaja Gangireddy during her tenure as Managing Director of the Company, without the knowledge of the Board.

The board also approved the appointment of independent professional firm/s to conduct a review of the issues concerning the IT Systems of the Company and the Gold Loan operations of its Subsidiary, Criss Financial Limited and to submit report on the same.

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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SpandanaSphoortyFinancialLimited INE572J01011 Appointment MD CEO CFO