Mr Sridhar will be taking over as the MD and CEO of Shriram Capital from 1 April 2012, for which he will have to relocate to Chennai
Shriram Transport Finance Company (STFC) said its managing director R Sridhar will be stepping down to take over as managing director and chief executive of the group holding company.
Mr Sridhar, who has been with STFC since 1985 and has risen through the ranks to become the MD, will step down with effect from 31 March 2012 and join Shriram Capital (SCL), a statement said.
He has been serving as the managing director of STFC since 2000 and the company grew under his leadership to become the largest vehicle financing company in the country. Mr Sridhar will be taking over as the MD and CEO of SCL from 1 April 2012, for which he will have to relocate to Chennai.
SCL is the apex holding company for financial services entities in the Shriram Group, the statement said, adding Shriram Ownership Trust holds 85% stake in the entity, while the rest lies with private equity major Texas Pacific Group.
In his new job, Mr Sridhar will be involved in group-level activities like strategic planning, capital markets relationships including banks, investment banks, private equity firms and rating agencies, it added.
“This move had been planned for several months to take advantage of the relationships Mr Sridhar has built with the financial community, regulators, media and others on a broader platform of Shriram Capital,” Shriram Capital chairman Arun Duggal said. Shriram will continue to serve on the STFC board as a group nominee, the statement said.
SEBI is in the process of reforming the IPO norms to ensure minimum price volatility on the day of listing
SEBI said it will come out with new norms for initial public offer (IPO) in the next few months as the capital market regulator aims at ensuring minimum price volatility on the day of listing.
“May be in next few months,” Securities and Exchange Board of India (SEBI) chairman UK Sinha told reporters when asked about timeline for the new IPO norms.
He was in Gurgaon to address the convocation of Management Development Institute.
SEBI is in the process of reforming the IPO norms to ensure minimum price volatility on the day of listing. In the past, it has barred several companies from raising money from the public for suspected misuse of proceeds from IPOs, pricing irregularities and inadequate disclosure of information.
Addressing the board and executive directors of SEBI on Saturday, finance minister Pranab Mukherjee had asked SEBI to diligently protect the interest of retail investors.
Replying to another query on the proposed General Anti Avoidance Rule (GAAR) provisions, Sinha said the government “is going to have a new look at tax avoidance, so they are going to work in that way”.
In his budget for 2012-13, Mr Mukherjee had said that the government wants to introduce GAAR in order to “counter aggressive tax avoidance schemes, while ensuring that it is used only in appropriate cases, by enabling a review by a GAAR panel”.
“RBI has advised all SCBs to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena said.
The Reserve Bank of India (RBI) has asked banks to be pro-active in locating about 1.2 crore account holders whose accounts are inactive for more than 10 years, the government has said.
“Keeping in view public interest, the RBI has advised all SCBs (scheduled commercial banks) to play a more pro-active role in finding the whereabouts of the account holders whose accounts have remained inoperative,” Minister of State for Finance Namo Narain Meena told the Lok Sabha in a written reply.
As per the RBI, he said, the number of accounts with SCBs which have not been operated upon for more than 10 years (as on 21 March 2011) is 1,12,49,844.
The RBI has also asked the banks to display the list of inoperative accounts, which are inactive or inoperative for 10 years or more, on their websites by 30 June 2012.