Spandana agrees to resolve dispute with ex-MD Padmaja Gangireddy amicly

Microfinance company Spandana Sphoorty Financial Limited has resolved issues with its promoter and former MD Padmaja Gangireddy and they have agreed to settle all disputes in friendship.

The board of directors of the company and its subsidiaries – Criss Financial Limited and Caspian Financial Services Limited – approved the settlement agreement on Tuesday, the company said in a regulatory statement on Wednesday.

A settlement agreement has been reached between the company and the former MD of the company.

Reddy had resigned from his position as Managing Director of the company on November 2, 2021.

Following this, certain disputes arose between them and the management of the company.

“We … inform you that the Company and Reddy have resolved their differences and agreed to part ways on friendly terms,” ​​according to a joint statement.

It said while Reddy no longer serves as the company’s MD, she remains a substantial shareholder and member of the company’s board.

“It is not necessary to take it to greater heights,” according to the statement.

Reddy’s redundancies and other factors such as increase in portfolio at risk (PAR) and ratios of non-performing assets (NPA) due to higher delinquencies caused by the COVID-19 pandemic had resulted in the breach of some of the conventions in related to loans.

(Only the headline and image of this report may have been re-edited by Business Standard staff; the rest of the content will be automatically generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that interest you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how you can improve our offering have only made our decisions and commitment to these ideals stronger. Even in these difficult times coming out of Covid-19, we continue to strive to keep you up to date and up to date with credible news, authoritative opinions and sharp comments on current affairs of relevance.
However, we have a request.

While we are fighting the economic consequences of the pandemic, we need your support even more so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, honest and trustworthy journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard,

Digital editor

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/rvpgmedi/public_html/wp-includes/functions.php on line 5275