Tag: Ashish Damani

IndusInd Bank micro fin arm’s CEO, ED exit, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Mumbai: IndusInd Bank on Monday said that two senior executives of its microfinance institution (MFI) arm Bharat Financial Inclusion — MD & CEO Shalabh Saxena, and ED & CFO Ashish Damani — have resigned. The bank has appointed an executive director and another senior executive to hold fort until a new management is in place.

The announcement appears to indicate a resolution of the row between the bank and Spandana Sphoorty Financial Services. Last week, the bank had said that Saxena and Damani were not relieved from their positions and they needed to continue in order to be part of a review of certain transactions. The announcement was in response to Spandana Sphoorty Financial declaring the appointments of Saxena and Damani. On Monday, IndusInd Bank said that both the executives had tendered their resignations to the chairman of the board. The bank also said that they have offered their assistance in the ongoing review of transactions related to Bharat Financial, for which the bank has appointed a “renowned international audit firm” to conduct independent review and ascertain the veracity of the anonymous complaints.

Shares of IndusInd Bank rose in early trade but closed marginally in the red, ending at Rs 895 on Monday. Last weekend, the RBI announced that it would allow promoters of private banks to hold up to 26%. It added that it would permit those promoters who have already diluted stake to increase it up to the new limit. “We eagerly await the operating guidelines as it gives the promoters an opportunity to inject capital to increase stake up to 26%,” Ashok Hinduja, chairman of IIHL, Mauritius, promoter entity of IndusInd Bank, had said.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , ,

IndusInd Bank board yet to decide on Shalabh Saxena, Ashish Damani’s resignation from Bharat Financial Inclusion

Banking & Finance

[ad_1]

Read More/Less


The top honchos of Bharat Financial Inclusion Ltd — Shalabh Saxena and Ashish Damani — have resigned from their positions but the board has decided to defer the consideration of the decision to relieve them until an ongoing review is completed, IndusInd Bank said on Monday.

A review of disbursal of nearly 84,000 loans without customer consent due to a technical glitch at BFIL is at present going on at the microfinance company.

“Shalabh Saxena and Ashish Damani, currently employed with BFIL in the capacity of the Managing Director and CEO and the Executive Director and CFO, respectively, have tendered their resignations pursuant to e-mails addressed to the Chairman of the Board of BFIL on November 25, 2021,” the private sector lender said in a stock exchange filing on Monday.

IndusInd Bank objects to Saxena, Damani joining Spandana Sphoorty

The announcement comes after Spandana Sphoorty (SSFL) had on November 22 announced the appointment of Saxena as its new Managing Director and CEO and Damani as the President and Chief Financial Officer.

BFIL is the wholly owned microfinance subsidiary of IndusInd Bank.

Global audit firm

Both of them have offered to assist in the ongoing review of transactions related to BFIL, for which the bank has appointed an international audit firm to conduct independent review and ascertain the veracity of the anonymous complaints, the bank further said.

“The board of BFIL has deferred consideration of the decision to relieve them until the completion of the ongoing review,” IndusInd Bank said.

The lender has nominated J Sridharan as Executive Director on the Board of BFIL and appointed Srinivas Bonam to oversee the day-to-day functioning of BFIL, it further said.

“MR Rao continues to be associated as an advisor to BFIL bringing his years of experience in microfinance and scaling up BFIL,” IndusInd Bank said, adding that it has also appointed KV Rao, who is the former Chief Operating Officer and Head Member Services for 11 years at BFIL, as an advisor for strengthening the field processes.

Previously, on November 23, the bank had said that Saxena and Damani had not yet resigned from BFIL and had cited a non-compete clause in their contracts that prohibited them from accepting employment at a competitor of the microfinance company.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,

Bharat Financial top management resignations: Board defers relieving them till completion of review, says IndusInd Bank

Banking & Finance

[ad_1]

Read More/Less


The top management of Bharat Financial Inclusion Ltd – Shalabh Saxena and Ashish Damani have resigned from their positions, but the board has decided to defer the consideration to relieve them until an ongoing review is completed, IndusInd Bank said on Monday.

A review of disbursal of nearly 84,000 loans without customer consent due to a technical glitch at BFIL is going on at the microfinance company.

“Shalabh Saxena and Ashish Damani, currently employed with BFIL in the capacity of the Managing Director and CEO and the Executive Director and CFO, respectively, have tendered their resignations pursuant to emails addressed to the Chairman of the Board of BFIL on November 25, 2021,” the private sector lender said in a stock exchange filing on Monday.

The announcement comes after Spandana Sphoorty (SSFL) had on November 22 announced the appointment of Saxena as its new Managing Director and CEO and Damani as the President and Chief Financial Officer.

BFIL is the wholly-owned microfinance subsidiary of IndusInd Bank.

Both of them have offered to assist in the ongoing review of transactions related to BFIL, for which the bank has appointed an international audit firm to conduct an independent review and ascertain the veracity of the anonymous complaints, the bank further said.

“The Board of BFIL has deferred consideration of the decision to relieve them until the completion of the ongoing review,” IndusInd Bank said.

The lender has nominated J Sridharan as Executive Director on the Board of BFIL and appointed Srinivas Bonam to oversee the day-to-day functioning of BFIL, it further said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

IndusInd Bank: Shalabh Saxena, Ashish Damani yet to resign from BFIL to join Spandana Sphoorty

Banking & Finance

[ad_1]

Read More/Less


IndusInd Bank on Tuesday said Shalabh Saxena, the Managing Director and CEO of Bharat Financial Inclusion Ltd, and Ashish Damani, Executive Director & Chief Financial Officer of BFIL, are yet to resign and as per their terms of contract, they are prohibited from accepting employment at a competitor of the microfinance company.

Further, they cannot be relieved from the services of the company until an ongoing review into the disbursal of nearly 84,000 loans without customer consent due to a technical glitch at BFIL is completed.

Under fire, IndusInd Bank begins review of microfinance subsidiary

“…the continued employment of Shalabh Saxena and 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,” IndusInd Bank said in a stock exchange filing.

BFIL is a wholly-owned subsidiary of IndusInd Bank.

Clarification

“Neither Shalabh Saxena nor 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,” it further said.

IndusInd Bank’s ‘technical glitch’: RBI examining portfolio as part of an ongoing audit

Its clarification comes a day after Spandana Sphoorty (SSFL) announced the appointment of Saxena as its new Managing Director and CEO and Damani as the President and Chief Financial Officer.

“Both Saxena and Damani will join Spandana soon,” it had said.

IndusInd Bank further said that as per their contractual terms of employment Saxena and 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 Shalabh Saxena and/or Ashish Damani, any purported acceptance by them of employment at SSFL will be in contravention of the terms of their employment with BFIL,” it said.

BFIL and IndusInd 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, the lender said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , ,