The Hindu Business Line : Hexaware CFO quits

Mumbai, March 7 Hexaware Technologies has said that Mr Rajesh Ghonasgi has resigned from his position as the Chief Financial Officer (CFO) of the company. Mr P.K. Sridharan, who is the Executive Director and Chief Mentor of the company, will be the acting CFO until a new appointment is made.

A Hexaware spokesperson said that Mr Ghonasgi`s resignation had nothing to do with the recent forex mess due to which the company took a hit of about Rs 103 crore.

In November last year, Hexaware had discovered 11 unauthorised forex deals involving options that were entered on the company’s behalf by a senior official, without the knowledge of the management.

This was mainly responsible for Hexaware reporting a Rs 81-crore loss for the fourth quarter ended December 31, 2007. The official involved reported to the CFO, as he was a part of the company’s internal treasury department.

Mr Ghonasgi had joined Hexaware in July 2002, from his previous role as Finance Manager at Wipro. Repeated attempts to contact Mr Ghonsagi proved futile.

Mr Sridharan has been with Hexaware for over 10 years and is a key member of the management team.

He was also not available for comment.

The Hexaware scrip was down by by 6.74 per cent to close at Rs 64.35 on the BSE on Friday.

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