Stock Report

IndusInd Bank Ltd updates on resignations at Bharat Financial Inclusion Ltd

Posted On : 2021-11-29 11:27:42( TIMEZONE : IST )

IndusInd Bank Ltd has announced developments with respect to its wholly owned subsidiary, Bharat Financial Inclusion Limited ('BFIL'):

- Mr. Shalabh Saxena and Mr. Ashish Damani (collectively, 'Employees'), currently employed with BFIL in the capacity of the Managing Director & CEO and the Executive Director & CFO, respectively, have tendered their resignations pursuant to emails addressed to the Chairman of the Board of BFIL on November 25, 2021. Both the Employees have offered their assistance in the ongoing review of transactions related to BFIL, for which the Bank has appointed a renowned international audit firm to conduct independent review and ascertain veracity of the anonymous complaints. The Board of BFIL has deferred consideration of the decision to relieve them until the completion of the ongoing review.

- In the interim, the Bank has nominated Mr. J. Sridharan (who has over two decades of experience in managing finance, governance and MIS functions in the Bank) as Executive Director on the Board of BFIL and appointed Mr. Srinivas Bonam (who has over two decades of experience leading Inclusive Banking and Microfinance business at the Bank) to oversee the day-to-day functioning of BFIL.

- Mr M R Rao continues to be associated as an advisor to BFIL bringing his years of experience in microfinance and scaling up BFIL.

- The Bank has also appointed Mr KV Rao (former Chief Operating Officer and Head Member Services for 11 years at BFIL) as an advisor for strengthening the field processes.

Shares of IndusInd Bank Limited was last trading in BSE at Rs. 901.45 as compared to the previous close of Rs. 959.10. The total number of shares traded during the day was 312445 in over 10860 trades.

The stock hit an intraday high of Rs. 954.90 and intraday low of 897.95. The net turnover during the day was Rs. 288562424.00.

Source : Equity Bulls


IndusIndBankLimited INE095A01012 INDUSINDBK BFIL Resignation MD CEO CFO ExecutiveDirector