A nominee director of International Finance Corporation (IFC), one of the largest institutional investors in financial services firm Religare Enterprises, stepped down on Monday.
Monish Kant Dutt, a UK-based chartered accountant and consultant, has tendered his resignation, Religare told the bourses without explaining the reasons for the decision.
The World Bank group institution had a 7.19 per cent stake in Religare as of March 31.
“We would like to inform you that Mr. Monish Kant Dutt, Nominee Director of International Finance Corporation (IFC) has tendered his resignation from the directorship of the Company with effect from April 24, 2017,” Religare said in a statement to the exchanges. A Religare spokesperson said he did not have any further information.
As of March 31, 2016, Dutt, who had joined the board in January 2013, was a member of the company's Related Party Transactions (RPT) sub-committee, along with fellow board members the then chairman Sunil Godhwani and independent director Avinash Chander Mahajan. According to the latest Religare annual report, “RPT Sub-Committee has been constituted to monitor and regulate transactions between the Company and its Related Parties in terms of shareholder agreement with International Finance Corporation.”
Dutt’s resignation comes less than two weeks after Ravi Mehrotra, a non-executive director, stepping down from Religare board. On Monday, Business Standard published a detailed story on Singh brothers efforts to restructure Religare amid various headwinds including top level churn.
Dutt, 57, is a consultant on Emerging Markets and an Advisor to a London-based start-up private equity firm, according to Bloomberg profile. He serves as a Director of a Pan Caribbean Insurance Group and Sagicor Life Insurance Company. Dutt has extensive investment and advisory experience with IFC in emerging markets in Asia, Eastern Europe, Africa and Latin America with a focus on private equity funds and financial institutions. After a stint with Ernst & Young in London, he joined IFC/the World Bank Group where he worked for about 25 years until 2011. During his tenure at The World Bank and International Finance Corporation, he held various positions including that of Chief Credit Officer for Global Financial Institutions & Private Equity Funds.