Boardroom table set for board of directors meeting | Photo Credit: mediaphotos
Bhutada stepped down from the board in September 2021 following an order passed by SEBI for alleged violations of insider trading rules
The board of Poonawalla Fincorp has re-instated Abhay Bhutada as its Managing Director with effect from February 12. The decision was taken at a meeting of the board on Friday, it said in a statement.
“The board considered the report of the comprehensive independent probe initiated by the company involving experts, which has also been shared with the regulators, and has noted the finding that there was no evidence of him sharing any unpublished price sensitive information with third parties in violation of SEBI regulations,” Poonawalla Fincorp said.
Consequently, the board has decided to reinstate him from February 12 for a five-year period.
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“He will be leading the organisation towards achieving its objective of creating value for all our stakeholders,” the statement further said.
SEBI had in an interim order in September last year barred Bhutada and seven other people from the securities market for alleged insider trading in the shares of the company, which was earlier known as Magma Fincorp. It had also ordered impounding of wrongful gains worth over ₹13 crore.
Bhutada had, however, denied all allegations at the time.
Published on February 11, 2022
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