Despite numerous problems at the financial services arm of the Aditya Birla Group, its CEO had managed to hang on. But the whistleblower’s complaint proved to be the last straw.
A letter from a whistleblower is what ended Ajay Srinivasan’s 14-year reign as the point man of Aditya Birla Group chairman Kumar Mangalam Birla’s $3.5 billion financial services empire, according to three people with direct knowledge of the matter.
Sent to the boards of Aditya Birla Birla Capital, the holding company of the group’s financial services businesses, and its subsidiary Aditya Birla Sun Life AMC in end February, it levels serious allegations of corruption and mismanagement.
Along with sealing Srinivasan’s fate, the 16-page letter is believed to have ushered in some key management changes within Aditya Birla Sun Life AMC, …
Furquan covers banking and financial services at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
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furquan@mailtmc.com
Delhi