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This article is more than 1 month old.

Poonawalla Fincorp conducting independent probe into MD Abhay Bhutada's exit: Adar Poonawalla

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Adar Poonawalla, the chairman of Poonawalla Fincorp has said the company is carrying out an independent investigation into the events leading to the exit of Managing Director Abhay Bhutada who was accused of insider trading.

Poonawalla Fincorp conducting independent probe into MD Abhay Bhutada's exit: Adar Poonawalla
Adar Poonawalla, the chairman of Poonawalla Fincorp has said the company is carrying out an independent investigation into the events leading to the exit of Managing Director Abhay Bhutada.
"We are conducting an independent investigation ourselves also. But very soon, this entire matter will bve cleared in a positive way, and whosever has done anything wrong will face their justice," Poonawalla said.
As far as lawyers and others who have given me reports have said, "Abhay hasn't done anything," he said. This Pune-based non-banking financial company has submitted the audio recording of the investor call via a stock filing on Sunday.
Bhutada was barred by the markets regulator SEBI for alleged insider trading, along with seven other poeple, while impounding an amount of Rs 13 crore for wrongful gains. The trading case dates back to February 2021 when the company was called Magma Fincorp -- around the time Adar Poonawalla picked up the stake in the company.
Earlier this year, Poonawalla's Rising Sun Holdings acquired a 60 percent stake in the company by investing Rs 3,456 crore. In July, it was renamed to Poonawalla Fincorp from Magma Fincorp.
Bhutada has stepped down from his post of MD on September 16.
Besides Bhutada, SEBI has barred Saumil Shah, Surabhi Kishore Shah, Murlidhar Bagranglal Agarwal, Amit Agarwal, Rakesh Rajendra Bhojgadhiya, Abhijit Pawar, and Rajendra Bhojgadhiya from trading.


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