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Abhay Bhutada, Managing Director of Poonawalla Fincorp, has resigned with immediate effect.
“Abhay Bhutada, Managing Director of the company has resigned from the board of the company with immediate effect from September 16, 2021, and the board of directors has accepted Abhay Bhutada’s resignation,” Poonawalla Fincorp said on Thursday.
Vijay Deshwal, Group CEO, Poonawalla Fincorp will continue to run the operations of the company, it said
“Bhutada has decided to step down as the MD of the company in the broader interest of the company and its stakeholders,” it said.
Barred from market
The development comes a day after the Securities and Exchange Board of India barred Bhutada and seven other people from the securities market for alleged insider trading in the shares of the company, which was earlier known as Magma Fincorp.
SEBI has also ordered impounding of wrongful gains worth over ₹13 crore, according to an interim order.
Bhutada had however, denied all allegations.
Poonawalla Fincorp’s scrip closed 4.99 per cent lower at ₹172.15 apiece on the BSE.
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