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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Vishakha Mulye is ushering in big changes at the financial services company, in the process ruffling a few feathers.
Editor's note: On 1 June, when former ICICI Bank veteran Vishakha Mulye took the reins of Aditya Birla Capital, one thing was clear: She had to hit the reset button at the financial services arm of the Aditya Birla Group, and do so quickly. If anyone had doubts on this front, they were cleared a couple of weeks ago, when the company’s top brass flew to Thailand for an off-site. Even before they got there, there were apprehensions; this was not going to be the usual get-together, filled with team-building activities and morale-boosting speeches. “It was as if everyone had smelled a rat,” says an executive at Aditya Birla Capital, asking not to be named. The fears weren’t unfounded. For 15 years, under Mulye’s predecessor, Ajay Srinivasan, the company had been a laggard in the financial services sector. Also, the way the company had lurched from one controversy to another—ranging from corruption allegations and malpractice to bending of norms—showed little focus on accountability. It couldn’t be business as usual. Mulye had come in with the mandate to turn around the company’s fortunes …
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
Alongside a decent set of numbers, the Mukesh Ambani-helmed financial services co. has articulated a long-term playbook that could reshape the competitive landscape of financial services.
The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.
