CEO of Poonawala Fincorp resigns, to take up strategic role within group

Vijay Deshwal, CEO of Poonawala Fincorp has resigned from his post and will now be taking up a strategic role within the Cyrus Poonawala Group, spearheading emerging investment opportunities, as per a company statement. He consequently ceases to be a Key Managerial Personnel of the company as of March 4, 2022.

"We hereby inform you that Vijay Deshwal, CEO of the company has decided to take up the strategic role within the Cyrus Poonawalla Group where he will spearhead emerging investment opportunities," the statement read.

It added that the Board "took note" of the development and "recorded its appreciation for the contribution made by Deshwani during his tenure as CEO.

"The company continues to be on its path to achieve its stated objectives under dynamic leadership of MD Abhay Bhutada, who will continue to be responsible for both the operational as well as strategic matters of the organisation supported with a strong management team," the statement added.

Further, the Trading Window for dealing in securities of the company has been closed till March 6, for designated persons and their immediate relatives as per its "Code of Conduct for Prohibition of Insider Trading". It will re-open on March 7, 2022.