Sure Financial institution tumbles 5% on Ashok Chawla’s resignation; buys 13% stake in Valecha Engg

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Shares of Sure Financial institution tumbled 5 p.c within the early commerce on Thursday on the again of resignation of Non-Govt (Unbiased) Half-time Chairman of the financial institution.

The financial institution in its BSE submitting mentioned that, the Non-Govt (Unbiased) Chairman of Sure Financial institution Ashok Chawla has resigned on November 14 with instant impact.

Additionally, Vasant Gujarathi has tendered his resignation as an unbiased director of the financial institution on November 14, 2018 with instant impact, attributable to private commitments. Uttam Prakash Agarwal has been appointed as an extra director (Unbiased).

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Additionally Learn – Ashok Chawla steps down as Sure Financial institution Chairman with instant impact

Chawla has been serving because the Chairman of NSE, a quasi-regulator underneath the SEBI Act, since 2016. He was additionally the Chairman of Sure Financial institution, overseeing the management transition within the financial institution.

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Nevertheless, the financial institution acquired 29,28,504 fairness shares, constituting 12.99% of Valecha Engineering, pursuant to invocation of pledge on the mentioned fairness shares.

Additionally it has acquired 2,30,655 fairness shares, constituting 30 p.c of Valecha Investments, pursuant to invocation of pledge on the mentioned fairness shares subsequent to default by promoters group firms within the credit score facility supplied by the financial institution.

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At 09:16 hrs Sure Financial institution was quoting at Rs 211.75, down Rs 10.75, or 4.83 p.c on the BSE.

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