On potential issues cited by the directors, Balaji said: “I would categorically say there are no issues and to the best of my knowledge I am not aware because none of these things were discussed with me either personally or at the board level.”
Asked about the directors’ claims that functioning impartially was difficult, he responded: “All the board meetings happened in a harmonious manner, even the committee meetings. We are one of the most independent boards in the country. Possibly they referred to an atmosphere that was not discussed with me or at the board level.”
Regarding incidents mentioned by the directors, Balaji added: “I do not want to get into the realm of conjectures. I am not aware.”
On their role in hiring the new managing director and filling board vacancies, he said: “The independent directors were members of the NRC and played a key role. They concurred with my plan to broad base the management and helped bring in qualified leaders for key positions.”
Balaji confirmed ongoing communication with the former directors: “I am in touch with them. They have raised certain issues which I am not aware of, and it is important to keep channels of communication open.” Looking ahead, he outlined the company’s transformation plans: “We are focusing on four pillars: better systems and processes, building institutional capability, broadening employee talent, and building a more granular book to withstand economic shocks. Non-retail holding has increased, showing confidence in our transformation plan. The three independent directors have resigned, but four independent directors remain on the board.” Management remains confident in its ongoing efforts and investor support, even as governance questions arise following the resignations.
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