NEW DELHI: Two most sensible executives at the side of a board member of Gitanjali Gems give up, within the aftermath of the Rs 11,300-crore rip-off that has rocked India's 2d greatest state lender Punjab National Bank. Chief Financial Officer (CFO) Chandrakant Karkare, Vice President (Compliance and Company Secretary) Pankhuri Warange and board member Krishnan Sangameswaran have made up our minds to step down with quick effect, Gitanjali Gems mentioned in a notification to the bourses.
Read Also | PNB fraud: Former financial institution reliable shared passwords to assist Nirav Modi
Warange mentioned her "conscience" doesn't allow her to continue after "the recent event unfolded". She mentioned, "Being a key managerial personnel and the designated compliance officer, I have certain statutory duties and responsibilities towards the stakeholders. The recent event unfolded in the organisation requires the company to make disclosures under the Companies Act 2013 and the SEBI requirements 2015. I have advised the management on the required disclosures to be made. The absence of disclosures will have ramification not just on the company but also on the key managerial personnel. There is no consensus in my opinion on the disclosures to be made and that of the management and in these circumstances, my conscience doesn't permit me to continue with my position. I have, therefore, taken a conscious decision of resigning and relinquishing my position as the company secretary and compliance officer with immediate effect."
Karkare, alternatively, cited his spouse's well being as the rationale in the back of his leaving, in a letter to the company, dated February 15.
Read Also | Banks fraud: Not simply PSBs, 18 bizmen, 24 firms too left bankrupt
He wrote: “I am very grateful to you for assigning me the duty of CFO within the company and I've executed my obligations in a certified means. Sir, lately my spouse has passed through a big surgery known as Hemicolectomy at Lilavati Hospital. The post operation recovery is not up to the predicted degree. This has resulted in restriction on my wearing responsibilties as CFO and shall be very difficult for me in long term. Sir, taking the above factor in consideration, I wish to request you to relinquish me from obligations of CFO of the company. Kindly accept my resignations from the post of CFO with quick effect.”
In every other notification to the stock exchanges, the company further mentioned that Sangameswaran has also introduced his resignation from the board of the company.
Shares of Gitanjali Gems continued to fall for the fourth instantly session on Friday, plunging 10 consistent with cent as investor sentiment remained muted. On February 14, PNB disclosed that it detected some fraudulent transactions and the matter has been referred to legislation enforcement businesses for the recovery.
Read Also | PNB fraud: Former financial institution reliable shared passwords to assist Nirav Modi
Warange mentioned her "conscience" doesn't allow her to continue after "the recent event unfolded". She mentioned, "Being a key managerial personnel and the designated compliance officer, I have certain statutory duties and responsibilities towards the stakeholders. The recent event unfolded in the organisation requires the company to make disclosures under the Companies Act 2013 and the SEBI requirements 2015. I have advised the management on the required disclosures to be made. The absence of disclosures will have ramification not just on the company but also on the key managerial personnel. There is no consensus in my opinion on the disclosures to be made and that of the management and in these circumstances, my conscience doesn't permit me to continue with my position. I have, therefore, taken a conscious decision of resigning and relinquishing my position as the company secretary and compliance officer with immediate effect."
Karkare, alternatively, cited his spouse's well being as the rationale in the back of his leaving, in a letter to the company, dated February 15.
Read Also | Banks fraud: Not simply PSBs, 18 bizmen, 24 firms too left bankrupt
He wrote: “I am very grateful to you for assigning me the duty of CFO within the company and I've executed my obligations in a certified means. Sir, lately my spouse has passed through a big surgery known as Hemicolectomy at Lilavati Hospital. The post operation recovery is not up to the predicted degree. This has resulted in restriction on my wearing responsibilties as CFO and shall be very difficult for me in long term. Sir, taking the above factor in consideration, I wish to request you to relinquish me from obligations of CFO of the company. Kindly accept my resignations from the post of CFO with quick effect.”
In every other notification to the stock exchanges, the company further mentioned that Sangameswaran has also introduced his resignation from the board of the company.
Shares of Gitanjali Gems continued to fall for the fourth instantly session on Friday, plunging 10 consistent with cent as investor sentiment remained muted. On February 14, PNB disclosed that it detected some fraudulent transactions and the matter has been referred to legislation enforcement businesses for the recovery.
PNB fraud: Top executives quit Gitanjali citing 'conscience', personal reasons
![PNB fraud: Top executives quit Gitanjali citing 'conscience', personal reasons]()
Reviewed by Kailash
on
February 19, 2018
Rating:
