Sundaram Finance Holdings on Wednesday said TT Srinivasaraghavan, who has been the Chairman of the Board since inception, has relinquished office citing personal reasons.
“We wish to inform you that at the board meeting held today, TT Srinivasaraghavan, Chairman has, for personal reasons, relinquished his office as Director, as at the close of business hours on 3rd August 2022,” the company said in a regulatory filing.
The release added that the Board of Directors has elected Harsha Viji, Director, to be the Chairman. Viji has been on the board since 2017.
“I wish to record our deep appreciation for TT Srinivasaraghavan for his able guidance and leadership of SF Holdings from inception, a period which included several critical investments and transactions, including the purchase of the joint venture partners’ stake in Brakes India and Wheels India, the entry into the carbon fibre market, the merger of foundry operations and the capital raise through the rights issue. All these will serve the company well in the years to come,” Viji said in a press release.
Originated as the demerged investment arm of Sundaram Finance, SF Holdings is an exempted Core Investment Company listed on the National Stock Exchange of India (NSE). It operates as a holding company, owning a portfolio of automotive businesses, including foundries, wheels, brakes, turbochargers, axles and distribution of spare parts. As a result, the dividend from portfolio companies forms a substantial part of the financial results.
Meanwhile, the company has registered a consolidated net profit of ₹41.14 crore for the quarter ended June 2022, an increase of 30 per cent over ₹31.58 crore for the corresponding period of the previous year.
The dividend received from portfolio companies was at ₹I40.20 crore during this quarter, the release said.