Money & Banking

Resolution to appoint Samit Ghosh as MD and CEO, Ujjivan Financial Services not approved

Our Bureau Mumbai | Updated on April 29, 2021

A special resolution to appoint Samit Ghosh as Managing Director and CEO of Ujjivan Financial Services was not approved by the required majority of shareholders.

According to data with BSE, the special resolution to approve the appointment of Ghosh as MD and CEO of the company for a three-year period, effective May 1, 2021 was “not approved by the requisite majority”.

Only 70.527 per cent of the votes were polled in favour of the resolution, while 29.473 per cent of the votes were polled against the proposal.

Ghosh is currently the non-executive Chairman of the company.

Another special resolution to appoint Abhijit Sen as an independent director was also not approved by the requisite majority.

“These being special resolutions in nature, required a minimum of 75 per cent of the votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution,” said a regulatory filing by Ujjivan Financial Services.

The board had proposed to appoint Ghosh, the existing Non-Executive Director, who is over 70 years of age, as the MD and CEO of the company for a period of three years.

A career banker, Ghosh was the erstwhile founder of the Ujjivan Financial Services and has served as its MD and CEO until January 31, 2017. He then took charge as the MD and CEO of Ujjivan Small Finance Bank Ltd effective from February 1, 2017 and retired on November 30, 2019 on attaining the age of 70 years.

Published on April 29, 2021

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