Whistleblower letter forced Ajay Srinivasan out of Aditya Birla Capital
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.
Why read this story?
Editor's note: 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, the three people—all executives at the Aditya Birla Group—told The Morning Context, on condition of anonymity. Srinivasan, stock exchanges were informed on 23 April, would hand over the Aditya Birla Capital CEO’s job to ICICI Bank veteran Vishakha Mulye on 1 June. He would take up another role within the group, which was yet to be decided. According to the three Aditya Birla Group executives, Srinivasan has expressed the desire to continue till his daughter’s wedding—which is on cards for …
More in Business
You may also like
Aditya Birla Capital’s digital makeover is glitchy, expensive
The financial services major is being weighed down by its digital arm’s lacklustre performance.
JSW, Tata, Birla’s entry into B2B e-commerce augurs poorly for Infra.Market, OfBusiness
The two IPO-bound startups are showing signs of a slowdown and will be looking over their shoulders as online B2B marketplaces launched by the conglomerates grow fast.
Why is Vishakha Mulye pushing her executives hard?
The CEO of the financial services business of the Aditya Birla Group has little to show for her near three years at the helm. That her digital push has turned out to be a dud only makes it worse.