Aditya Birla Capital on Monday said that outgoing CEO Ajay Srinivasan is transitioning to a new role being crafted at the group level in consultation with him. Srinivasan had expressed his desire to take on a new role within the group, after having served as chief executive for over 14 years.
Aditya Birla Capital on Monday said that outgoing CEO Ajay Srinivasan is transitioning to a new role being crafted at the group level in consultation with him. Srinivasan had expressed his desire to take on a new role within the group, after having served as chief executive for over 14 years, the statement said. The clarification comes after a news report earlier today cited a whistleblower letter, which alleged that Srinivasan was asked to leave due to corruption, insider trading and front running at Aditya Birla Sun Life Asset Management Company (AMC). “A story has appeared this morning based on insinuations of vested interest. These insinuations/allegations are bereft of facts and we wish to emphatically deny them,” said the Aditya Birla Capital spokesperson.
The whistleblower letter, which alleged insider trading and frontrunning at Aditya Birla Sun Life AMC, was sent to the board and reportedly asked to investigate Aditya Birla MF CEO A Balasubramanian, and CIO Mahesh Patil, according to the news report. It also reportedly sought an investigation against Girish Patil, a senior equity trader at the fund house. “The company received a complaint in which certain allegations were made about Aditya Birla Sun Life AMC and its employees. As per the Aditya Birla Group policy, an independent Committee was formed to investigate the allegations. The Committee did not find any merit in the allegations. There was no allegation whatsoever, made against Ajay Srinivasan, by the said employee,” the spokesperson added.
The company spokesperson also clarified that Girish Patil and Mahesh Patil were not related, unlike stated in the report.“Girish Patil and Mahesh Patil are not related to each other in any manner,” the statement said.
Read more:https://www.financialexpress.com/market/aditya-birla-capital-clarifies-on-ceo-srinivasans-exit-says-found-no-merit-in-whistleblower-complaints-2527041/
Ajay Srinivasan 
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