Sumit Bali resigns as IIFL Finance CEO

In a filing with exchanges, IIFL Finance said, "Sumit Bali has resigned as the Chief Executive Officer (CEO) of the company to pursue other career opportunities."

His resignation has been accepted by the Board of Directors and he will be relieved from the services with effect from the close of business hours on June 30, the company said.

"The Board places on record its appreciation for the valuable contributions made by Mr. Bali during his tenure and wish him the very best in his future endeavors," it said.

On the recommendation of the Board of Directors, Nirmal Jain, Executive Chairman, has agreed to take over the responsibilities of the CEO to oversee the management and affairs of the company.

Responding to a questionnaire from IANS on Deloitte discontinuing its association as auditor, an IIFL spokesperson said Deloitte has signed the annual report for the financial year ending March 2020 without any qualification and they have clearly mentioned that the only reason for their resignation is the expectation of higher fees.

On the treasurer leaving the company, the spokesperson said IIFL said Amarnath B.S. has moved to Australia on emergency basis due to the ongoing Covid19 situation as his wife and children live there.

On the CEO's resignation, the spokesperson said that Sumit Bali has resigned and moved on for better career opportunities.

It may be pointed out that there has been buzz on social media on the reasons for Deloitte's resignation as auditor and two other top officials of IIFL Finance leaving the company.