Ajay Srinivasan quits as MD of Aditya Birla Capital.

Ajay Srinivasan quits as MD of Aditya Birla Capital

Aditya Birla Capital Ltd (ABCL) said Ajay Srinivasan has decided to step down as MD and CEO, and he has expressed his desire to take on a new role within the group. The company received a complaint in which specific 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. According to a media report, severe allegations of corruption and mismanagement, including front running and insider trading, have been leveled by a whistle-blower against ABCL and Aditya Birla Sun Life AMC.

The committee did not find any merit in the allegations. There was no allegation whatsoever made against Ajay Srinivasan by the said employee. A company spokesperson said. In so far as Srinivasan stepping down is concerned, it is clarified that Srinivasan had expressed his desire to take on a new role within the group. After having served as Chief Executive for over 14 years. “A part is being crafted at the group level in consultation with him.

The board of Aditya Birla Capital recently appointed Vishakha Mulye as the next CEO of Aditya Birla Capital.

A story has appeared based on insinuations of vested interests. These insinuations/ allegations are bereft of facts. The board of Aditya Birla Capital recently appointed Vishakha Mulye as the next CEO of Aditya Birla Capital. ABCL is the holding company for the financial services businesses of the Aditya Birla group. The scale is evidenced by overall AUM across asset management, life insurance, and health insurance businesses, growing 16 percent yearly to over Rs 372,423 crore. Aditya Birla Capital fell by five percent to Rs 95.05. Aditya Birla Sun Life AMC Ltd plummeted by 7.44 percent to Rs 452.30 on the BSE on Monday.

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