Religare CEO Shachindra Nath to step down

Financial services company Religare Enterprises Ltd said on Thursday group CEO Shachindra Nath has resigned.

The resignation will be effective from June 3, the Delhi-based company said in a stock-exchange filing. It didn’t give any details.

A company spokesperson separately said the group management team and businesses will start reporting to Sunil Godhwani, chairman and managing director, with immediate effect.

Religare, controlled by brothers Malvinder and Shivinder Singh, had last month extended Godhwani’s tenure for three years starting April 2016.

Nath is one of the key founding team members at Religare and has been associated with the company since 2000. He led the company’s initial public offering in 2007, formed joint ventures and built various businesses at the company from scratch.

A lawyer by training, Nath studied at the Benares Hindu University. Prior to joining Religare, he worked in the manufacturing and financial services sectors.

Religare offers loans to small and medium-sized companies and also provides capital markets, wealth management, health insurance and asset management services. 

The company has been scaling back its operations. In November, it agreed to sell its 51 per cent stake in the Indian asset management joint venture to its US partner Invesco Ltd for an undisclosed amount. And in May, Religare had sold its stake in its life insurance JV. Bennett, Coleman and Co. Ltd, the media house better known as the Times Group, acquired Religare’s stake in Aegon Religare Life Insurance Co. Ltd while foreign partner Aegon hiked its holding to 49 per cent. 

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