L&T Finance promotes Dinanath Dubhashi as Managing Director

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L&T Finance Holdings has promoted Dinanath Dubhashi as managing director with effect from July 22 while CMD Y M Deosthalee will continue to serve as its chairman.

The board of directors of the company at its meeting held on July 22, appointed Dinanath Dubhashi, deputy managing director as the manging director of the company and said that Deosthalee, would continue to serve as the chairman of the company, L&T Finance said in a regulatory filing.

The company has sought shareholders' approval for the appointment of Dubhashi as Managing Director and Amit Chandra as a nominee director of the company, it said.

Prior to joining LTFS, Dubhashi was associated with organisations such as BNP Paribas, CARE Ratings and SBI Caps in various capacities. He holds a BE (Mechanical) degree and a PGDM from IIM-Bangalore.

He joined L&T Financial Services in 2007 and has been instrumental in scaling up retail platform operations of the company.

His basic salary would be in the range of Rs 1.20 crore to Rs 2.10 crore per annum, it added.

His allowances include medical of up to Rs 15,000 per annum; special in the range of Rs 95,00,000 to Rs 1.70 crore; travel in the range of Rs 10,00,000 to Rs 17,50,000 while variable remuneration of up to a maximum of Rs 2.38 crore per annum, the company said.