Companies

CEO of Srei Infrastructure Finance resigns

Our Bureau Kolkata | Updated on September 17, 2021

The Kolkata-based NBFC has been facing a severe human resource crisis since December last year with nearly 250 people leaving the Srei Group

Srei Infrastructure Finance, which has been facing severe liquidity issues in the wake of Covid-19 induced slowdown, has witnessed yet another top level exit. Rakesh Kumar Bhutoria, the company's CEO, has resigned.

In a stock market notification late on Thursday evening, the company informed that Bhutoria has been relieved with effect from the close of business hours of September 15, 2021.

The Kolkata-based NBFC has been facing a severe human resource crisis since December last year with nearly 250 people leaving the Srei Group. With the lenders of Srei Group taking control of its finances there was a cap on salaries of top level executives to ₹50 lakh per annum. This was later lifted in April this year.

Also read: Srei Equipment Finance invokes 2.08% stake in Eros International Media

In its latest annual report, the company's Chairman, Hemant Kanoria had said that senior employees had taken voluntary paycuts and also relinquished compensation to support other employees to avoid retrenchment.

Earlier in April this year the chief operating officer of Srei Equipment Finance Ltd had resigned. This apart, the company secretaries of both Srei Infrastructure and Srei Equipment also resigned earlier this year. “We are operating in an environment which is completely adversarial in all respects, but we are confident that we will address the issues of our creditors, customers, employees, shareholders and all stakeholders in an appropriate manner befitting the long history of the company,” Kanoria said in the annual report.

Published on September 17, 2021

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