MUMBAI : Almost 8 months after the acrimonious exit of Spandana Sphoorty Monetary Ltd’s founder and managing director Padmaja Reddy, the corporate has resolved all variations together with her by the use of an in-principal settlement.
In a discover to the inventory exchanges, the corporate mentioned that whereas Reddy has stepped down as MD, she is going to proceed to be a considerable shareholder and board member.
“Sure disputes arose between Ms. Padmaja Reddy and the Board of Administrators of the Firm (Board). We are actually happy to tell you that the Firm and Ms. Reddy have resolved their variations and agreed to half methods on amicable phrases,” mentioned the corporate within the discover.
Whereas the small print of the settlement just isn’t clear, the microfinance lender added that Reddy will stay a well-wisher of Spandana and can lengthen all of the required steerage and assist
The corporate and its board reiterate that they’re dedicated to rising the Firm’s enterprise with a view to take it to larger heights, the discover added.
The announcement for settlement comes after the corporate failed to stick to the 30 Might deadline for finishing statutory audit of annual monetary outcomes.
In November final yr, Reddy left Spandana following disagreement with the bulk shareholder Kedaara Capital over the corporate’s proposal sale to Axis Financial institution. In an electronic mail to the corporate’s workers and its board, Reddy claimed she was pressured to resign for objecting to Kedaara’s try to promote the corporate at a depressed valuation to Axis Financial institution.
Personal fairness fund Kedaara Capital-backed Kangchenjunga Ltd is the most important shareholder within the microfinance establishment with a stake of 41.3 % on the finish of Might 2022. Promoters Reddy and her husband maintain 15.22% within the firm.
Following her exit, Reddy acquired a Kolkata primarily based non-banking finance firm which was renamed as Keertana Monetary Ltd, which is focussed on giving gold loans and small ticket enterprise loans.
Spandana posted a revenue of ₹39.7 crore on the finish of December 2021 in comparison with ₹30.3 crore throughout the corresponding interval a yr in the past. Whole earnings stood at ₹330.6 crore on the finish of third quarter in comparison with ₹333.3 crore throughout the identical interval a yr in the past.
Supply: Live Mint