Srei Infrastructure Finance announced that Rakesh Kumar Bhutoria, the chief executive officer (CEO) of the company, has stepped down from his position with effect from (i.e., w.e.f) Wednesday, 15 September 2021.
As per the company's exchange filing, Mr Rakesh Kumar Bhutoria will explore alternative sectors post departure. Srei Infrastructure Finance further added that Mr Bhutoria is stepping down from his position as a consequence of salary payment issues arising out of the Trust and Retention Account (TRA) operationalized by the bankers.
TRA mechanism is a method of financing of infrastructure projects. It seeks to protect the project lenders against the credit risk (the risk of debt service default) by insulating the cash flows of the project company.
On a consolidated basis, Srei Infrastructure Finance reported a net loss of Rs 971.05 crore in Q1 June 2021 as compared to a net profit of Rs 23.01 crore in Q1 June 2020. Net sales dropped 35.4% to Rs 793.34 crore in Q1 FY22 over Rs 1,228.88 crore in Q1 FY21.
The scrip was locked locked in an upper-circuit of 5% at Rs 9.21 on BSE. Srei Infrastructure Finance has a presence majorly in the financing of the infrastructure sector and construction and mining equipment (CME), besides the financing of IT, medical and farm equipment and loans against property (LAP).
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