Thursday, 16 Sep, 10.17 pm Money Control

My transactions with the entities are genuine and legitimate, claims Abhay Bhutada in a letter

Abhay Bhutada, former MD, Poonawalla Fincorp

Poonawalla Fincorp managing director Abhay Bhutada resigned from the non banking finance company (NBFC) on September 16, a day after Securities and Exchange Board of India (SEBI) barred him from dealing in securities.

In his letter to the board of directors Bhutada said:

1. I am denying all allegations mentioned against me in the order.

2. I have not shared any unpublished price sensitive information (UPSI) directly or indirectly to the entities mentioned in the order except the official discussion with entity no 2 who was working as an advisor for the Acquisition transaction.

3. I have not received any kind of financial benefit directly or indirectly from the entities mentioned in the order.


4. My transactions with the entities mentioned in the order are genuine business transaction and legitimate in nature including few of the past transaction and I am ready to provide evidence regarding the same to the respective authorities.

Bhutada further added that that he will take appropriate legal recourse.

In an interaction with CNBC he said, "I will come out clean very soon and I have not shared any UPSI with anyone. Ready to provide all required clarification to authorities."

Earlier in the day, SEBI barred Abhay Bhutada, and seven others from accessing the securities market after alleged insider trading.

"All the Entities, viz: Entity nos. 1 to 8 are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders," the market regulator said in the interim ex-parte order.

Following his resignation, Bhutada ceases to be a Director and key managerial personnel of the company. The Board of Directors of the Company has accepted Bhutada's resignation, the firm said in a regulatory filing.
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