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.)

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