Poonawalla Fincorp Limited on Friday said that it has reinstated Abhay Bhutada as its Managing Director.
Bhutada had stepped down on his own accord from the board in September 2021 following the interim ex-parte order passed by Sebi for his alleged contraventions of the SEBI Insider Trading Regulations involving the shares of Magma Fincorp.
The firm explained that while there was no regulatory requirement for Bhutada 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 firm's board considered the report of the 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 Bhutada sharing any UPSI with third parties in violation of SEBI regulations.
Hence, the board has decided to reinstate him effective February 12 for a period of 5 years. He will be leading the organisation towards achieving its objective of creating value for all our stakeholders, noted the firm in an official statement.
Bhutada is a qualified Chartered Accountant and a finance professional with over 15 years of diversified experience in the domain of commercial, housing and retail lending. The firm noted that Bhutada is passionate about using technology in financial services and has been instrumental in setting up the lending business of the Poonawalla group.
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