Latest news with #AshishKumarDamani
Time of India
24-04-2025
- Business
- Time of India
Spandana Sphoorty Financial said to be under RBI lens
The Spandana board on Wednesday appointed chief financial officer Ashish Kumar Damani as the interim chief executive of the company. Saxena will continue to assist the company for the next three months to ensure a smooth transition. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads KOLKATA: The Reserve Bank of India may have found lapses in the operations of microfinance company Spandana Sphoorty Financial , which announced an abrupt top management rejig earlier this week, two people aware of developments two events may be related, they a nearly three-week-long inspection conducted sometime during October-November last year, RBI unearthed unreported frauds from the ground and was annoyed with the top management for this lapse, they people cited said the regulator found mismatch in reported cash balances in several branches and is scrutinising the management role in it."I have resigned on personal accord to pursue opportunities outside. All cash has been accounted for," outgoing managing director Shalabh Saxena told ET. He tendered his resignation on Spandana board on Wednesday appointed chief financial officer Ashish Kumar Damani as the interim chief executive of the company. Saxena will continue to assist the company for the next three months to ensure a smooth transition."Normally, RBI completes routine inspection in 3-4 days. But the inspection team spent 19 days scrutinising the company's functioning," one of the persons cited above did not respond to ET's queries on the of the persons said the regulator recently had meetings with independent directors of the company. Responding to that, Saxena said no meeting was held by RBI exclusively with independent directors."I have been nurturing this thought of pursuing opportunities outside the company and I believe the time is now," Saxena had said in his resignation company's share price jumped 4.3% Thursday to ?318.25 on BSE a day after his resignation, even as the Sensex fell 0.4%. It is still about a third of the 52-week high ? has been under severe asset quality stress like many of its peers and reported consecutive net losses for the second and third quarters. It reported a consolidated net loss of Rs 440 crore for the third quarter and a net loss of Rs 216 crore in the preceding quarter. Its gross non-performing assets ratio rose to 5.2% as of December 2024 from 1.7% as of March the third quarter loss, the lender announced a covenant breach in respect of Rs 373 crore of non-convertible debentures and Rs 268 crore of term loans.
Business Standard
24-04-2025
- Business
- Business Standard
Spandana Sphoorty rallies as board appoints Ashish Kumar Damani as interim CEO
Spandana Sphoorty Financial rallied 4.01% to Rs 317.45 after the company's board of directors approved the appointment of Ashish Kumar Damani as interim chief executive officer (CEO), effective 23 April 2025. The appointment was recommended by the nomination and remuneration committee (NRC). Damani currently serves as Spandanas president and chief financial officer. Damani has over 23 years of experience in the microfinance industry. Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion , including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing program of Rs 12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune. Meanwhile, the board announced the resignation of Managing Director and CEO Shalabh Saxena, effective immediately. Saxena, who led the microfinance firm for over three years, stepped down to pursue other career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition. Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas. The company reported a consolidated net loss of Rs 440.19 crore in Q3 FY25, compared with a net profit of Rs 127.40 crore posted in Q3 FY24. Revenue from operations tanked 12.8% year on year to Rs 572.59 crore in Q3 FY24.
