Whistleblower plaint has no merit: Aditya Birla Capital

Mumbai: Aditya Birla Capital on Monday said that it had received a

whistleblower

complaint in respect of its

mutual fund

arm and its employees. The company said that an independent panel looked into the allegations and did not find any merit in them.

The company issued a notice to the stock exchange following a report in an online publication that alleged that former CEO Ajay Srinivasan had stepped down due to the allegation and other senior mutual fund executives had also quit.

The report further alleged that Aditya Birla Sun Life Mutual Fund CEO A Balasubramanian, chief investment officer Mahesh Patil, and a senior equity trader in the mutual fund Girish Patil were also investigated.

Shares of Aditya Birla Capital closed at Rs 95 on Monday, down 5% from its previous close and only Rs 5 higher than its 52-week low. On April 24, Aditya Birla Capital had announced that ICICI Bank executive director Vishakha Mulye would take over the reins from Srinivasan from June 1. A spokesperson for Aditya Birla Capital said in a statement that, in the complaint

letter

that the company received, there was no allegation whatsoever made against Srinivasan. “It is clarified that Srinivasan had expressed his desire to take on a new role within the group after serving as CEO for over 14 years. A role is being crafted at the group level in consultation with him,” the statement said.

The article also alleged that another fund manager Vinay Maloo was transferred as a vice-president in Kumar Mangalam Birla’s office.

The statement added that there have been no employee exits at Aditya Birla Capital and Aditya Birla Sun Life AMC as a fallout of “these malicious allegations”. It said Patil left the company to pursue better prospects outside the group. It also said Maloo moved internally within Aditya Birla Group, in line with the group’s career progression policy, and the reference in the article associating his new role with the AMC business is incorrect and mischievous.


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