In November 2021, Padmaja Gangireddy had stepped down as MD of the Company after strategic disagreement with Kedaara Capital. Since then, both Spandana and Padmaja have moved on; though Padmaja continued to be a non-executive director , is currently categorised as the promoter and owns 14.5% in the Company. Padmaja who is now completely focused … Read more
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
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
In an Economic Times report of November 5, there were some corporate governance issues at Indusind’s microfinance subsidiary Bharat Financial Inclusion (BFI). Indusind had acquired BFI (erswhile SKS Microfinance) in March 2019. As per the subject report – Between October 17 and 24, several senior employees of BFI had written to the Reserve Bank of … Read more