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Tuesday, May 09, 2017

Appointment of Mr. Shailesh Haribhakti as Non-Executive Chairman of L&T Finance Holdings Limited

By on Tuesday, May 09, 2017

Retirement of Mr. Y. M. Deosthalee with effect from May 31, 2017 

Appointment of Mr. Shailesh Haribhakti 
 as Non-Executive Chairman of L&T Finance Holdings Limited 

Mr. Y. M. Deosthalee has been the Chairman & Managing Director of L&T Finance Holdings Ltd. (“LTFH”) since its listing in September 2011. Even before that, since the inception of the financial services businesses of L&T Group in 1995, Mr Deosthalee has played an active role in providing strategic direction to the business. Under his leadership L&T Financial Services established itself as a strong financial institution providing a wide range of financial services. Before his appointment as Chairman of LTFH, he was the Chief Financial Officer and member of the Board of Directors of Larson & Toubro Ltd. 

In April 2016, Mr. Dinanath Dubhashi took over as Deputy Managing Director and in July 2016 he was appointed as the Managing Director of LTFH. With the succession for leadership role now complete, Mr. Deosthalee has decided to retire from the Chairmanship and the Board effective May 31, 2017, after a long and successful career spanning over four decades in the L&T Group. We wish him the best of luck in his future endeavours. 

Mr. Shailesh Haribhakti, currently the Chairman of the Audit Committee of LTFH would be taking over as the Non-Executive Chairman of the Company from June 1 2017. Mr. Haribhakti is a Chartered and Cost Accountant, and a Certified Internal Auditor, Financial Planner & Fraud Examiner. During a career span of four decades, he has successfully established and led many innovative services. He is also on the Board of Directors of several public and private companies. 

We welcome Mr. Haribhakti and are confident that he will guide the company towards its goal of delivering top quartile RoE to our shareholders. 

About L&T Finance Holdings Ltd.: 

LTFH is a financial holding company offering a focused range of financial products and services across rural, housing and wholesale finance sectors, as well as mutual fund products and wealth management services, through its wholly-owned subsidiaries, viz., L&T Finance Ltd. (erstwhile Family Credit Ltd.), L&T Housing Finance Ltd., L&T Infrastructure Finance Company Ltd., L&T Investment Management Ltd., L&T Capital Markets Ltd. and L&T Financial Consultants Ltd. LTFH is registered with RBI as a

CIC-ND-SI. LTFH is promoted by Larsen & Toubro (L&T), one of the leading companies in India, with interests in engineering, construction, electrical & electronics manufacturing & services, IT and financial services. 

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