Trade Nivesh Ujjivan Small Finance said that Bansal has stepped down as an entity owned by him has made an application to RBI for a universal banking license.
Sachin Bansal has resigned as an independent director of Ujjivan Small Finance Bank, citing conflict of interest.
"He (Bansal) has confirmed that he is resigning from the bank's Board in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the Reserve Bank of India for a universal banking license," Ujjivan Small Finance said in a statement to stock exchanges.
The Flipkart co-founder acquired a majority stake in microfinance company Chaitanya India Fin Credit in September 2019. Earlier in January 2020, Chaitanya Ind Fin applied to the Reserve Bank of India (RBI) for a universal banking license.
Dear Board Members,
I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, I shall also cease to be a member of various Board Committees of the Bank.
Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role.
I take this opportunity to place on record my appreciation for the support extended to me by the Board during my tenure. It has been a sincere pleasure to serve on the Board and I wish the management of the Bank every success.
Further, as required under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, I hereby confirm that there are no other material reasons for my resignation as an Independent Director of the Bank other than those stated above.
Please take this letter on record and file necessary intimation with the regulatory authorities.
Yours faithfully,
Sachin Bansal
Ask An Expert Trade Nivesh
Sachin Bansal has resigned as an independent director of Ujjivan Small Finance Bank, citing conflict of interest.
"He (Bansal) has confirmed that he is resigning from the bank's Board in the interest of propriety and corporate governance as an entity owned and controlled by him has made an application to the Reserve Bank of India for a universal banking license," Ujjivan Small Finance said in a statement to stock exchanges.
The Flipkart co-founder acquired a majority stake in microfinance company Chaitanya India Fin Credit in September 2019. Earlier in January 2020, Chaitanya Ind Fin applied to the Reserve Bank of India (RBI) for a universal banking license.
Dear Board Members,
I would like to resign as an Independent Director of the Bank with effect from January 27, 2020. Consequently, I shall also cease to be a member of various Board Committees of the Bank.
Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was — in the interest of propriety and corporate governance — only appropriate that I stepped down from this role.
I take this opportunity to place on record my appreciation for the support extended to me by the Board during my tenure. It has been a sincere pleasure to serve on the Board and I wish the management of the Bank every success.
Further, as required under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, I hereby confirm that there are no other material reasons for my resignation as an Independent Director of the Bank other than those stated above.
Please take this letter on record and file necessary intimation with the regulatory authorities.
Yours faithfully,
Sachin Bansal
Ask An Expert Trade Nivesh
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