After the Promoter MD of Spandana Sphoorty Finance (SSF) stepped down due to the ongoing spat with Kedaara, the Company has announced two key hires from Bharat Financial (100% subsidiary of Indusind Bank), pioneer of the Indian micro finance sector. Shalabh Saxena as MD and CEO Ashish Damani as CFO It’s worth nothing here that … Read more
Shriram Capital has hired Ajay Thomas John as Group Chief Digital Officer to lead the digital transformation at the company. He has been hired from Bajaj Finserv where his last designation was Head – Digital Strategy, Transformation and Fintech. Key points to note – Shriram Capital (SC) is the holding company of Shriram Group comprising … Read more
Currently Inox group is run by the 3rd generation of promoters – Brothers Pavan Jain (70) and Vivek Jain (66). Brothers have reached an amicable family settlement. Pavan Jain gets the control of – Inox Leisure – listed, movie theater business Inox Air Products – unlisted, industrial and medical gases manufacturer Inox India – unlisted, … Read more
Padmaja Gangireddy, the Founder Managing Director of Spandana Sphoorty Finance (SSF) has resigned. Key points to note – SSF is a private equity controlled entity. Kedaara Capital owns about 45% of the Company whereas Padmaja owns about 17%. Padmaja in a letter to employees has attributed the reason for resignation to be her disagreement of … Read more
As per news reports, Britannia is in the process of creating a new position of CEO who will report to the MD, Varun Berry. Mandate is already supposed to have been given to the head hunters to look for a suitable candidate. The step definitely seems to be targeted towards smoother succession of Varun Berry … Read more
Surprises continue at ICRA – N Sivaraman, MD & CEO, who had joined ICRA just a year back in July 2020, has resigned with immediate effect citing personal reasons. He had joined ICRA from IL&FS, where he was Chief Operating Officer with responsibilities for asset monetisation, creditor engagement and loan restructuring. It’s worth noting here that … Read more
On October 15, 2021, L&T announced the launch of L&T Edutech (LTE) – it’s entry into the rapidly growing virtual education sector. It has now appointed Sabyasachi Das as the CEO of this Company. Key points to note – Sabyasachi is a Cognizant veteran having spent more than 22 years at the Company across various … Read more
Vishal Kampani, son of Nimesh Kampani (Indian securities market veteran) decides not to seek re-appointment as MD of JM Financial (JMF) and instead decides to take the position of Non-Executive Vice Chairman w.e.f. October 1, 2021. Key points to note – Kampanis (promoter family) own 54.75% of JMF. Decision to give up MD post is … Read more
As per Mr Poonawalla, he was shocked when he first heard the news about SEBI barring Bhutada and seven others from the securities market for alleged insider trading of the shares of the Company (Poonawalla Fincorp earlier knows as Magma Fincorp). Following that, Bhutada stepped down from the post of MD on September 16, 2021, … Read more