Spandana Sphoorty board appoints Shalab Saxena as MD & CEO

By: |
November 23, 2021 2:30 AM

Saxena at present is serving as the MD and CEO of Bharat Financial Inclusion. He has over 27 years of experience with various financial institutions, including Canara HSBC OBC Life Insurance and Standard Chartered Bank.

For November, till 16th, the company collected approximately Rs 400 crore on a standalone basis.

The board of Spandana Sphoorty Financial on Monday approved the appointment of Shalabh Saxena as managing director (MD) and chief executive officer (CEO) for five years beginning from the from date of joining.

Saxena at present is serving as the MD and CEO of Bharat Financial Inclusion. He has over 27 years of experience with various financial institutions, including Canara HSBC OBC Life Insurance and Standard Chartered Bank.

Spandana Sphoorty has also appointed Ashish Damani as the president and chief financial officer. It has appointed Abanti Mitra, an independent director with Spandana Sphoorty since 2011, as the non-executive chairperson of the board with immediate effect. Outgoing chairman Deepak Vaidya will continue to serve on the board as an independent director, the company said.

Spandana Sphoorty is yet to declare its July-September earnings due to recent change in management after founder Padmaja Gangireddy resigned.

Providing few earnings details for the quarter ended September, the company said its standalone collection efficiency stood at 105% in July-September and 113% for the month of September, including pre-payments, on an unaudited basis.

For November, till 16th, the company collected approximately Rs 400 crore on a standalone basis.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India leading the world in field of start-ups: PM Modi
2PUBG: New State to get ‘exclusive’ music, web series as Krafton goes big on influencer marketing in India
3Amazon asks India’s antitrust body to revoke Reliance-Future deal approval