Y M Deosthalee, brain behind L&T financial services business, dies at 74

Y M Deosthalee, L&T veteran and the brain behind its financial services business, died in Mumbai on Wednesday after prolonged illness. He was 74.

After graduating from Mumbai’s Sydenham College with a degree in commerce he qualified as chartered accountant.

He joined engineering conglomerate Larsen & Toubro in 1974. In September 1990, Deosthalee was made general manager, finance and personnel. He was promoted to L&T’s board of directors in 1995, and later was designated as chief financial officer. Deosthalee served as the first chairman and managing director of L&T Financial Services. 

Recalling his contributions, D Dubhashi, MD and CEO of L&T Finance Holdings, said Deosthalee was known not only for his sharp business acumen but also for his personnel management skills.

Deosthalee also played an important role in L&T Infotech. As a trustee of the newly formed L&T Public Charitable Trust, a major CSR initiative of the company, he took a keen interest in its various welfare activities.

Y M Deosthalee

Keeping in mind Deosthalee’s long association with financial services, Reserve Bank of India roped him in to head a panel to prepare the blueprint for Public Credit Registry (PCR), to strengthen credit culture.

On the personal front, he and his wife, Leena, devoted their time for issues concerning senior citizens. They set up a home of senior citizens in Raigad district, Maharashtra, called Chaitanya Jyeshtha Nagarik Sahniwas.

He dabbled in films, too, co-producing the 2015 Marathi language family drama Rajwade and Sons.