Ruchi Soya CFO resigns ahead of board meet

The resignation assumes significance from the point of view that Sebi banned Ruchi Soya in May from accessing securities market

Barely a week ahead of a meeting of board of directors, V Suresh Kumar, chief financial officer (CFO) of Ruchi Soya Industries, has stepped down from the post. He will continue in the company in another role.

The Securities and Exchange Board of India (Sebi) had banned the company in May from accessing securities market till further notice. This was in view of the company’s alleged fraudulent and manipulative trading in castor seeds at the National Commodity & Derivatives Exchange. The company, one of India’s largest consumer goods firms, produces a number of branded edible oils and other value-added products of soya. It has an annual turnover of Rs 27,735 crore.

“V Suresh Kumar has been assigned a different role within the organisation and continues to be an integral part of the management team. The company is in the process of finalising a new CFO and will be announcing the same shortly,” a company spokesperson said.

Meanwhile, the company informed BSE that its board of directors will meet on September 13 (Tuesday) to consider the unaudited financial results for the quarter ended June. This will be the first board meeting after ban in May.

Ruchi Soya had come under Sebi scanner in May, along with 16 brokers, for alleged price manipulation in castor seed. The company’s stock gained two per cent on Tuesday to close at Rs 20.6.