Poonawalla Fincorp announced it has reinstated Abhay Bhutada as Managing Director of the company, effective February 12, 2022.
“The Board of Poonawalla Fincorp Limited at its meeting held earlier today reinstated Mr. Abhay Bhutada as its Managing Director with effect from 12 February 2022, ” the exchange filing said.
Bhutada had stepped down on his own from the Board in September 2021 following the interim exparte order passed by SEBI for his alleged contraventions of the SEBI Insider Trading Regulations involving the shares of Magma Fincorp. While there was no regulatory requirement for him to step down, he had voluntarily decided to step down for complying with the high governance standards of the Poonawalla group and to ensure an unbiased independent probe into the matter, the statement said.
The Board considered the report of the comprehensive independent probe initiated by the company involving experts, which has also been shared with the regulators, and has noted the finding that there was no evidence of him sharing any UPSI with third parties in violation of SEBI regulations, according to the company’s statement.
In view of the above, the Board has decided to reinstate him effective 12 February 2022 for a period of 5 years. He will be leading the organisation towards achieving its objective of creating value for all our stakeholders, the company said.
Abhay Bhutada is a qualified Chartered Accountant and a seasoned finance professional with over 15 years of diversified experience in the domain of commercial, housing and retail lending. He is passionate about using technology in financial services and has been instrumental in setting up the lending business of the Poonawalla group. He has been awarded the Young Entrepreneur of India 2017 bestowed upon by the Chairman of State Bank of India and Promising Entrepreneur of India of 2019 by the Economic Times, Asia One has recently felicitated him as “40 under 40 Most Influential Leader for 2020-21”.
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