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IDFC First Bank MD gifts Rs 30-lakh shares to schoolteacher
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SME Times News Bureau | 30 Sep, 2020
As a token of gratitude to his former schoolteacher, IDFC First Bank MD
and CEO V Vaidyanathan has transferred one lakh equity shares worth
around Rs 30 lakh without any consideration to Gurdial Saroop Saini.
The
transfer of shares was done in appreciation of Saini's help to
Vaidyanathan during the early stage of the latter's life, the bank said.
In
a regulatory filing, the bank said that the CEO had clarified that
Saini was not a related party under the Companies Act, and he would pay
taxes as per the applicable law.
"We wish to inform you that
Vaidyanathan has transferred 1,00,000 fully paid-up equity shares of
IDFC FIRST Bank Limited, held by him in his personal capacity, to his
former schoolteacher, Gurdial Saroop Saini, as a gift...," the bank said
in the filing.
Shares of IDFC First Bank on Wednesday closed at Rs 29.95, lower by 0.33 per cent from the previous close.
Vaidyanathan was the founder of Capital First, an NBFC, which merged with IDFC Bank in December 2018, creating IDFC First Bank.
It
is not the first time that Vaidyanathan has shown such generosity. In
2018, as then Chairman of Capital First, he gifted 4,30,000 shares worth
over Rs 20 crore to two of his drivers, three maids, some colleagues,
and family members.
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