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2 top Bharat Financial execs can't be relieved till review ends: IndusInd

IndusInd arm says cannot let its two execs join Spandana when the review is ongoing

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It said Saxena and Damani have not yet resigned from their positions at Bharat Financial Inclusion yet and they have to serve a notice period.

2 min read Last Updated : Nov 24 2021 | 12:27 AM IST

Shalabh Saxena and Ashish Damani, appointed chief executive officer (CEO) and chief financial officer (CFO) of Spandana Sphoorty Financial (SSFL), cannot be relieved from their services at Bharat Financial Inclusion (BFIL) until a review of certain transactions at the present company is completed, IndusInd Bank clarified to the exchanges on Tuesday.

BFIL is a wholly owned subsidiary of private sector lender IndusInd Bank.

“...certain transactions relating to BFIL are a subject matter of an ongoing review and the continued employment of Saxena and Damani at BFIL is critical to the closure of such a process,” said the bank.