 "IFC nominee on Religare board resigns")
A nominee director of International Finance Corporation (IFC), one of the largest institutional investors in financial services firm Religare Enterprises, stepped down on Monday.
Monish Kant Dutt, a UK-based chartered accountant and consultant, has tendered his resignation, Religare told the bourses without explaining the reasons for the decision.
The World Bank group institution had a 7.19 per cent stake in Religare as of March 31.
As of March 31, 2016, Dutt, who had joined the board in January 2013, was a member of the company's Related Party Transactions (RPT) sub-committee, along with fellow board members the then chairman Sunil Godhwani and independent director Avinash Chander Mahajan. According to the latest Religare annual report, “RPT Sub-Committee has been constituted to monitor and regulate transactions between the Company and its Related Parties in terms of shareholder agreement with International Finance Corporation.”
Dutt’s resignation comes less than two weeks after Ravi Mehrotra, a non-executive director, stepping down from Religare board. On Monday, Business Standard published a detailed story on Singh brothers efforts to restructure Religare amid various headwinds including top level churn.
Dutt, 57, is a consultant on Emerging Markets and an Advisor to a London-based start-up private equity firm, according to Bloomberg profile. He serves as a Director of a Pan Caribbean Insurance Group and Sagicor Life Insurance Company. Dutt has extensive investment and advisory experience with IFC in emerging markets in Asia, Eastern Europe, Africa and Latin America with a focus on private equity funds and financial institutions. After a stint with Ernst & Young in London, he joined IFC/the World Bank Group where he worked for about 25 years until 2011. During his tenure at The World Bank and International Finance Corporation, he held various positions including that of Chief Credit Officer for Global Financial Institutions & Private Equity Funds.
Monish Kant Dutt, a UK-based chartered accountant and consultant, has tendered his resignation, Religare told the bourses without explaining the reasons for the decision.
The World Bank group institution had a 7.19 per cent stake in Religare as of March 31.
Also Read
“We would like to inform you that Mr. Monish Kant Dutt, Nominee Director of International Finance Corporation (IFC) has tendered his resignation from the directorship of the Company with effect from April 24, 2017,” Religare said in a statement to the exchanges. A Religare spokesperson said he did not have any further information.
As of March 31, 2016, Dutt, who had joined the board in January 2013, was a member of the company's Related Party Transactions (RPT) sub-committee, along with fellow board members the then chairman Sunil Godhwani and independent director Avinash Chander Mahajan. According to the latest Religare annual report, “RPT Sub-Committee has been constituted to monitor and regulate transactions between the Company and its Related Parties in terms of shareholder agreement with International Finance Corporation.”
Dutt’s resignation comes less than two weeks after Ravi Mehrotra, a non-executive director, stepping down from Religare board. On Monday, Business Standard published a detailed story on Singh brothers efforts to restructure Religare amid various headwinds including top level churn.
Dutt, 57, is a consultant on Emerging Markets and an Advisor to a London-based start-up private equity firm, according to Bloomberg profile. He serves as a Director of a Pan Caribbean Insurance Group and Sagicor Life Insurance Company. Dutt has extensive investment and advisory experience with IFC in emerging markets in Asia, Eastern Europe, Africa and Latin America with a focus on private equity funds and financial institutions. After a stint with Ernst & Young in London, he joined IFC/the World Bank Group where he worked for about 25 years until 2011. During his tenure at The World Bank and International Finance Corporation, he held various positions including that of Chief Credit Officer for Global Financial Institutions & Private Equity Funds.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%