R Sridhar denied any disagreements with the top management at the group as the reason behind his exit.
Further to his relinquishment of executive positions as a member of Shriram Ownership Trust, R Sridhar will continue to work on various strategic projects of the group assigned to him.
I will continue in a non-executive role with the groups life insurance company and at Shriram Transport Finance Company Ltd. In any other group company where my expertise is needed, I will serve as per the groups instructions, Sridhar told FE.
He is best known for serving as the chief executive officer at Shriram Transport, the groups flagship truck finance company between April 2000 and March 2012.
R Sridhar said that after a long association with the group, he has been requesting to be excused from active roles so that he may pursue his personal passions, which includes carnatic music.
The Piramal Group, headed by Ajay Piramal, bought a 9.9% stake in Shriram Transport Finance for R1,652 crore in May from private equity investor TPG.
As part of its application, the group has also requested the RBI to let Shriram Transport Finance as a separate company and not be merged with the proposed new bank, to avoid concentration risk.
On Tuesday, Shriram Transport Finance stock ended at Rs 599.85 a share on the Bombay Stock Exchange, down 5.74% from the previous close.