Adar Poonawalla, Chairman, Poonawalla Fincorp Limited on the investor call held on Saturday 18th September said that company is carrying out an independent investigation into recent events leading to the exit of Managing Director, Abhay Bhutada. He also said, Abhay will also be clear of what he’s done, because he actually hasn’t done anything, as far as the lawyers and others (who have) given him the reports. He further added that Abhay has stepped down as per corporate governance standards and this event does not have anything on the company and it’s going to be business as usual.
Mr. Poonawalla stated his reasons of venturing into financial services segment are twofold, firstly to address the credit gap that exists as economy continues to grow at a healthy rate and secondly to do something for the masses and helping them. We are in volume business and so the retail lending was the choice. We did it in a step wise manner first with a privately owned company and then moving to a listed company.
He further said we have a strong leadership team available through a healthy mix of new and old team and are well positioned to continue as per the business plan.