The company said that the acquisition has been approved by the SEBI, the BSE and the NSE, the RBI, and the other regulators of respective PL Group companies.
Financial services organisations Prabhudas Lilladher Group on November 16 announced that co-owner and joint managing director, Amisha Vora, will now be the chairperson and managing director of the PL Group. She now holds a 96 percent stake in the group’s holding company, up from 24 percent.
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The company said that the acquisition has been approved by SEBI, BSE and NSE, RBI, and the other regulators of respective PL Group companies.
In a statement, Vora said, "My mission is to ensure that we at PL continue to work towards converting our client’s savings into wealth. The PL brand has been built on the values of ‘Trust, Transparency and Ethical Practices’. We will continue to build our businesses on these core values of PL, which are ingrained in our DNA."
Arun Sheth, chairman of PL, who has been associated with the company for 50 years, will be retiring from the post after attaining 75 years of age. "Dilip Bhat, Joint MD, would also be moving on after 22 years. The Group’s Vice Chairman, Dhiren Sheth, will continue his association through his position on the Board of Directors as a Non-Executive Director," the group said in a press release.
Sheth said: “The PL Group is now in the able hands of Amisha Vora. We are sure that with the help of a capable and dedicated team, she will strive for rapid growth in times to come. We wholeheartedly wish her all the success in the future.”
Amisha has been associated with the group since 2000 and was appointed the MD in 2007.