Shriram Transport chairman S. Lakshmninarayanan resigns

Shriram Transport Finance said that S. Lakshmninarayanan, chairman of the company has tendered her resignation on 4 December 2022.

Further, the NBFC appointed Y. S. Chakravarti as managing director (MD) & chief executive officer (CEO) of the company for a period three years with effect from 5 December 2022.

He is a bachelor of commerce. Currently, he is designated as non-executive non-independent director of the company. He was a managing director and CEO of erstwhile Shriram City Union Finance.

The company said that Chakravarti is not debarred from holding the office of director by virtue of any SEBI order or any other such authority.

Shriram Transport Finance Company, the flagship company of the Shriram group, is the largest asset financing NBFC in the country. It is a holistic finance provider for the commercial vehicle industry and seeks to partner small truck owners for every possible need related to their assets.

The company's standalone net profit rose 38.3% to Rs 1,066.87 crore on 13.8% increase in total income to Rs 5,351.28 crore in Q2 FY23 over Q2 FY22.

The scrip slipped 0.09% to Rs 1,288.20 on the BSE.

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