This Bank’s MD Has Gifted Shares Worth Over Rs 3.95 Crore To Trainer, Driver, Support Staff. Read Details

New Delhi: While most employees expect to be recognised for their work through raise in their salaries or letters of appriciciation, IDFC FIRST Bank MD and CEO V Vaidyanathan has gifted 9 lakh shares of the bank held by him, worth over Rs 3.95 crore, to five individuals, including his trainer, househelp and driver, to help them purchase homes.

According to media reports, these five individuals are unrelated to the top official of the private sector bank. Earlier too, Vaidyanathan had gifted shares in his personal capacity to some individuals unrelated to him. In September 202, Vaidyanathan, as a token of gratitude transferred one lakh equity shares worth around Rs 30 lakh to to his former schoolteacher Gurdial Saroop Saini.

“V Vaidyanathan, managing director and chief executive officer, has gifted 9,00,000 equity shares of IDFC FIRST Bank held by him on February 21,2022,” the bank said in a regulatory filing on Monday.

According to news agency PTI, Vaidyanathan has gifted 3 lakh shares to his trainer Ramesh Raju; 2 lakh shares each to househelp Pranjal Narvekar and driver Algarsamy C Munapar; and 1 lakh shares each to office support staff Deepak Pathare and househelp Santosh Jogale.

Calculated at Monday’s closing price of Rs 43.90 apiece on BSE, the value of the 9 lakh shares gifted by Vaidyanathan comes out to be Rs 3,95,10,000. In addition, the bank said Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities.

“Thus, total shares disposed for gifts and social activities is 11 lakh equity shares of IDFC FIRST Bank, and it is submitted as part of these disclosures, that there are no direct or indirect benefits derived by V Vaidyanathan from these transactions,” it added.

 

(With PTI inputs)