Sumit Bali resigns as the CEO of IIFL Finance

Sumit Bali, the Chief Executive Officer (CEO) of IIFL Finance has resigned to pursue other career opportunities. Nirmal Jain, Executive Chairman, will take over the responsibilities of the CEO.

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

“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 endeavours,” it said.

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.

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.

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