Aditya Birla Capital denies any governance lapses. Attributes Ajay Srinivasan’s movement to be normal.

The Company last month had appointed ICICI veteran, Ms Vishakha Mulye as the CEO.

She had taken over from Mr Ajay Srinivasan, who had been it’s Chief since 2007. AB Capital also informed that the change was due to Ajay deciding to step down and look for a different role within the group.

The rumour mill did speculate that the change was not normal and there is more to it.

Then on May 16th, an online media article claimed that a whistleblower letter was the reason for Ajay stepping down.

The Company on the same day came out with a clarification on the claim.

Key points mentioned in the said clarification –

  • The company received an employee complaint in which certain allegations were made about Aditya Birla Sun Life AMC and it’s employees.
    • Company formed an independent committee to investigate the allegations
    • Committee did not find any merit in the allegations
    • There have been no employee exits at AB Capital and Aditya Birla Sun Life AMC, as a fall out of these malicious allegations.
    • There was no allegation made against Ajay Srinivasan
  • Ajay’s movement is at his request after having served in the current role for over 14 years. A new role is crafted for him at the group level in consultation with him
  • Vineet Maloo moved within the group in normal course of career progression
  • Girish Patil and Mahesh Patil are not related to each other in any manner and Girish Patil left the Company to pursue better opportunities outside the group.

Company’s response seems on expected lines in these kinds of situations.

I personally would expect the regulator to have its own review to satisfy itself.

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