Spandana panel examining concerns raised about gold branches of subsidiary

Firm says combined portfolio of the named branches is less than 1% of Spandana's consolidated AUM, will not have a material financial impact

Following the exit of founder and erstwhile CEO Padmaja Reddy from Spandana Sphoorty, the management committee of the company's board, which is taking care of the firm's day-to-day operations, is now looking into its IT management, which was transferred to a new vendor, and the functioning of some gold loan branches of Spandana subsidiary Criss Financial Ltd.

The company said just prior to her exit, Reddy transferred the company’s IT systems to a new IT vendor and outsourced its management to that vendor. “There has been no meaningful impact on the day-to-day business operations of the company from this. However, to