AdityaBirlaCapitalLtd(ABCL)onMondaysaidAjaySrinivasanhasdecidedtostepdownasMDandCEOofthecompanyashehad“expressedhisdesiretotakeonanewrolewithinthegroup”. “ThecompanyreceivedacomplaintinwhichcertainallegationsweremadeaboutAdityaBirlaSunLifeAMCanditsemployees.AspertheAdityaBirlagrouppolicy,anindependentCommitteewasformedtoinvestigatetheallegations,”thecompanysaidinanexchangefiling.Accordingtoamediareport,seriousallegationsofcorruptionandmismanagement,includingfrontrunningandinsidertrading,havebeenlevelledbyawhistle-bloweragainstABCLandAdityaBirlaSunLifeAMC. “Thecommitteedidnotfindanymeritintheallegations.Therewasnoallegationwhatsoever,madeagainstAjaySrinivasan,bythesaidemployee,”acompanyspokespersonsaid. “InsofarasSrinivasansteppingdownisconcerned,itisclarifiedthatSrinivasanhadexpressedhisdesiretotakeonanewrolewithinthegroup,afterhavingservedasChiefExecutiveforover14years,”itsaid.“Aroleisbeingcraftedatthegrouplevelinconsultationwithhim,”hesaid. “Astoryhasappeared,thismorning,basedoninsinuationsofvestedinterests.Theseinsinuations/allegationsarebereftoffacts,”itsaid.TheboardofAdityaBirlaCapitalrecentlyappointedVishakhaMulyeasthenextCEOofAdityaBirlaCapital. ABCListheholdingcompanyforthefinancialservicesbusinessesoftheAdityaBirlagroup.ThescaleisevidencedwithoverallAUMacrossassetmanagement,lifeinsuranceandhealthinsurancebusinesses,growing16percentyearonyeartooverRs372,423crore. AdityaBirlaCapitalfellbyfivepercenttoRs95.05andAdityaBirlaSunLifeAMCLtdplummetedby7.44percenttoRs452.30ontheBSEonMonday. “TherehavebeennoemployeeexitsatAdityaBirlaCapitalandAdityaBirlaSunLifeAMC,asafalloutofthesemaliciousallegations.GirishPatilleftthecompanytopursuebetterprospectsoutsidethegroup.VineetMaloomovedinternallywithinAdityaBirlaGroup,inlinewiththegroup’spolicyofcareerprogression,”itsaid. “ThereferenceinthearticleassociatinghisnewrolewiththeAMCbusinessisnotcorrectandmischievous.Further,itisalsonotcorrectasmentionedinthearticlethatGirishPatilisrelatedtoMaheshPatil.GirishPatilandMaheshPatilarenotrelatedtoeachotherinanymanner,”thecompanysaid. “AdityaBirlaSunLifeAMChasa27-yeartrackrecordandstrongcredibilityforhavingadheredtothehigheststandardsandprocesses.AcrosstheAdityaBirlaGroupwehavearobustmechanismofdealingwithcomplaintsandgrievances,ifany,”itsaid. AxisAssetManagementCompany,themutualfundpromotedbyAxisBank,recentlysuspendedtwoofitsfundmanagersforallegedirregularities,includingfrontrunning. Sourcelink
The post AjaySrinivasanquitsasMDofAdityaBirlaCapital appeared first on The Black Chronicle.
