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| Future Capital initiates steps to bifurcate firm's business |
| BS Reporter / Mumbai Feb 06, 2010, 01:08 IST |
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Future Capital Holdings (FCH), part of Future Group, has initiated steps to bifurcate the company’s ventures—-financial services retailing and investment advisory between the key promoters Sameer Sain and Kishore Biyani.
As part of the process, Sameer Sain has stepped down as chief executive and managing director of the company. He will remain the vice chairman of the company. FCH has appointed a committee of directors including its chairman Kishore Biyani and Sain to appoint a new chief executive and managing director.
“The decision signifies a move to enable the chairman and the vice-chairman to focus on strategic issues, leaving the executive management under the leadership of an experienced professional,’’ the company said in a statement to the exchanges.
As part of the split between Sain and Biyani, Sain is to keep the investment advisory and Biyani is expected to get distribution of financial services. FCH’s investment advisory business includes managing private equity funds such as Indivision Partners, Horizon Realty Fund, Kshitij Fund among others and under financial services retail, the company sells consumer loans and forex products.
Till the time a new CEO is appointed, company executive director Dhanpal Jhaveri will have an additional charge of CEO, the company said.
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