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.
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