Found no merit in whistleblower complaints, says Aditya Birla Capital

Aditya Birla Capital on Monday said it had received a complaint against its mutual fund arm Aditya Birla Sun Life Asset Management Company (AMC) and its employees but found no merit in them.

“As per the Aditya Birla Group policy, an independent committee was formed to investigate the allegations. The committee did not find any merit in the allegations. There was no allegation whatsoever made against Ajay Srinivasan, by the said employee,” said Aditya Birla Capital said in a statement.

A news report on Monday said a 16-page whistleblower complaint alleging corruption, insider trading and front running at Aditya Birla MF was sent to the board of Aditya Birla Capital. The complaints led to employee exits at the group, the report added.

“The insinuations/allegations are bereft of facts and we wish to emphatically deny them,” the company spokesperson said. “There have been no employee exits at Aditya Birla Capital and Aditya Birla Sun Life AMC as a fall out of these malicious allegations.”

Last month, Aditya Birla Capital announced that Vishakha Mulye would replace Ajay Srinivasan as its CEO from June 1, 2022.

The spokesperson said the new CEO was appointed after Srinivasan expressed his desire to take on a new role within the group, after having served as chief executive for over 14 years.  

The new role was crafted at the group level in consultation with him, the spokesperson said.

The company’s statement added that “Aditya Birla MF has a 27-year track record and strong credibility for having adhered to highest standards and processes.”