In a philanthropic gesture, IDFC First Bank Ltd Managing Director and CEO V. Vaidyanathan has gifted equity shares of the bank held by him, worth about Rs 4.83 crore, to help some of its staff build their homes and other social causes. This is not happening the first time.
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The shares were gifted away by him to five people, including a driver, a trainer, a support staff and a couple of house helps.
“The recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations,” IDFC First Bank said. These transactions are without consideration and “there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions.”
Earlier in May 2021, he had gifted 1.5 lakh shares each to three persons to buy homes as well.
V Vaidyanathan, who founded Capital First that merged into IDFC Bank in December 2018 to create IDFC First Bank. He has also worked with Citibank Consumer Banking from 1990-2000, before moving to set up ICICI Group’s retail banking. In 2010, Vaidyanathan quit ICICI Group for an entrepreneurial opportunity to acquire an NBFC (non-banking finance company) with an idea to convert it to a bank, focused on consumer and MSME lending.
