Srei Tools Finance’s firm secretary resigns; banks raise wage cap

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The Srei group continues to face human useful resource disaster with (SEFL) firm secretary placing in her papers on Monday, even because the banks have lifted the cap on the wage of senior-level executives.


Srei Infrastructure Finance Ltd (SIFL), the dad or mum firm of Srei Tools, noticed its firm secretary Sandeep Kumar Lakhotia resigning earlier in March this yr.



“We want to inform that Ritu Bhojak, firm secretary of Ltd has resigned from the place of Firm Secretary & Compliance Officer of the corporate and will likely be relieved w.e.f. shut of working hours of tenth Might, 2021,” SEFL stated in an announcement.


SEFL, an unlisted firm on bourses, stated the corporate will likely be shortly appointing a brand new firm secretary and compliance officer.


As per sources, over 200 workers have left the Kolkata-based Srei group since December final yr within the wake of the pandemic induced financial stress which created an asset-liability mismatch.


This made the lenders of the group, which is into asset financing and leasing area, take management of its funds in addition to capping the wage of excessive degree executives to Rs 50 lakh.


Sources stated whereas the NCLT order prohibits banks to take any coercive actions, banks had put a cap on salaries of senior workers.


“The cap has been eliminated with impact from April 1, 2021,” they stated.


Nevertheless, for the reason that arrears have remained uncleared and salaries are routinely delayed, worker exits proceed unabated, they added.


In addition to, chief working officer of SEFL Pavan Trivedi additionally left the organisation earlier in April, stated the sources, including extra senior-level exits could occur if the state of affairs is just not addressed rapidly.


Nevertheless, it’s learnt that the corporate is discussing with banks to discover a resolution and launch arrear funds.

(Solely the headline and movie of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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