As a token of gratitude to his former college instructor, IDFC First Financial institution MD and CEO V Vaidyanathan has transferred one lakh fairness shares value round Rs 30 lakh with no consideration to Gurdial Saroop Saini. The switch of shares was accomplished in appreciation of Saini's assist to Vaidyanathan in the course of the early stage of the latter's life, the financial institution mentioned.
In a regulatory submitting, the financial institution mentioned that the CEO had clarified that Saini was not a associated get together below the Firms Act, and he would pay taxes as per the relevant regulation.
"We want to inform you that Vaidyanathan has transferred 1,00,000 totally paid-up fairness shares of IDFC FIRST Financial institution Restricted, held by him in his private capability, to his former schoolteacher, Gurdial Saroop Saini, as a present...," the financial institution mentioned within the submitting.
Shares of IDFC First Financial institution on Wednesday closed at Rs 29.95, decrease by 0.33 per cent from the earlier shut.
Viadyanath, born in Chennai, when got the news of his admission to Birla Institute of Technology, Mesra, he didn't have enough money to buy train tickets.
His maths school teacher, Mr. Gurdial Saini , then lent him Rs 500 for his train ticket so that he could appear for the interview.
Mr Vaidyanath searched him for 30 years but couldn't find him. One fine day, his ex-colleague skip traced his Mr. Gurdial Saini in Agra, whom he then called to thank profusely.
Vaidyanathan was the founding father of Capital First, an NBFC, which merged with IDFC Financial institution in December 2018, creating IDFC First Financial institution.
It is not the first time that Vaidyanathan has proven such generosity. In 2018, as then Chairman of Capital First, he gifted 4,30,000 shares value over Rs
20 crore to 2 of his drivers, three maids, some colleagues, and members of the family.
IDFC First Bank CEO gifts Rs30 Lakh Worth Shares to His Former School Teacher
