Poonawalla said Abhay Bhutada, who resigned last week from post of Managing Director on alleged charges of insider trading, "hasn't done anything" as per the lawyers and others who gave him reports
Poonawalla Fincorp Chairman Adar Poonawalla on Sunday said Abhay Bhutada, who resigned last week from the post of Managing Director on alleged charges of insider trading, "hasn't done anything" as per the lawyers and others who gave him reports.
He said the company is also conducting an independent investigation.
Last week, Bhutada resigned as Managing Director of Poonawalla Fincorp, after capital markets regulator Sebi barred him and seven other entities from securities markets for alleged insider trading in shares of the company.
Poonawalla said he too was shocked when he heard the news (about Sebi barring Bhutada) and the company has also done a preliminary inquiry on its part.
"I have looked at what has happened. We are conducting an independent investigation ourselves also, but very soon this entire matter will be cleared in a positive way. And whoever has done anything wrong will of course face their justice.
"And of course, Abhay will also be cleared of what he has done because he actually hasn't done anything as per the lawyers and the others who have given me the reports," Poonawalla said during an investor call.
The Pune-based non-banking finance company submitted the audio recording of the investor call through stock exchange filing on Sunday.
When asked if the position of the managing director will be filled, he said, "MD's position is yet to be seen."
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