The Board of Poonawalla Fincorp Limited at its meeting held on February 11, 2022 reinstated Mr. Abhay Bhutada as its Managing Director with effect from 12 February 2022. Mr. Bhutada had stepped down on his own from the Board in September 2021 following the interim ex-parte order passed by SEBI for his alleged contraventions of the SEBI Insider Trading Regulations involving the shares of Magma Fincorp. While there was no regulatory requirement for him to step down, he had voluntarily decided to step down for complying with the high governance standards of the Poonawalla group and to ensure an unbiased independent probe into the matter.

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 UPSI with third parties in violation of SEBI regulations. In view of the above, the Board has decided to reinstate him effective 12 February 2022 for a period of 5 years. He will be leading the organisation towards achieving its objective of creating value for all stakeholders.