Sundaram Finance Holdings on Wednesday stated TT Srinivasaraghavan, who has been the Chairman of the Board since inception, has relinquished workplace citing private causes.
“We want to inform you that on the board assembly held immediately, TT Srinivasaraghavan, Chairman has, for private causes, relinquished his workplace as Director, as on the shut of enterprise hours on third August 2022,” the corporate stated in a regulatory submitting.
The discharge added that the Board of Administrators has elected Harsha Viji, Director, to be the Chairman. Viji has been on the board since 2017.
“I want to document our deep appreciation for TT Srinivasaraghavan for his in a position steering and management of SF Holdings from inception, a interval which included a number of crucial investments and transactions, together with the acquisition of the three way partnership companions’ stake in Brakes India and Wheels India, the entry into the carbon fibre market, the merger of foundry operations and the capital increase by means of the rights subject. All these will serve the corporate properly within the years to return,” Viji stated in a press launch.
Originated because the demerged funding arm of Sundaram Finance, SF Holdings is an exempted Core Funding Firm listed on the Nationwide Inventory Trade of India (NSE). It operates as a holding firm, proudly owning a portfolio of automotive companies, together with foundries, wheels, brakes, turbochargers, axles and distribution of spare components. Because of this, the dividend from portfolio firms varieties a considerable a part of the monetary outcomes.
In the meantime, the corporate has registered a consolidated internet revenue of ₹41.14 crore for the quarter ended June 2022, a rise of 30 per cent over ₹31.58 crore for the corresponding interval of the earlier yr.
The dividend obtained from portfolio firms was at ₹I40.20 crore throughout this quarter, the discharge stated.
August 03, 2022