Poonawalla Fincorp reinstates Abhay Bhutada as Managing Director

14 Feb 2022 , 09:22 AM

The Board of Poonawalla Fincorp Limited at its meeting held on February 11, 2022 reinstated Abhay Bhutada as its Managing Director with effect from February 12, 2022.

Abhay Bhutada had stepped down on his own 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.

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 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.

In view of the above, the Board has decided to reinstate him effective February 12, 2022 for a period of 5 years. He will be leading the organization towards achieving its objective of creating value for all the stakeholders.

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”.

At around 9:23 AM, Poonawalla Fincorp was trading at Rs244.65 apiece down by Rs8.9 or 3.51% on Sensex.