In a significant leadership update, Jagsonpal Finance & Leasing Limited has announced key changes to its Board of Directors, effective November 20, 2024. This comes as the company's Chairman, Mr. Kanwarpal Singh Kochhar, resigned from his position as Chairman, Managing Director, and Chief Financial Officer (CFO). His resignation is part of a previously announced Share Purchase Agreement and marks a new chapter in the company’s governance.

Resignation of Mr. Kanwarpal Singh Kochhar

In a resignation letter dated November 20, 2024, Mr. Kanwarpal Singh Kochhar confirmed his departure from the company. He clarified that his decision was tied to a change in the company’s management as part of the Share Purchase Agreement (SPA) signed earlier this year on June 24, 2024. He expressed gratitude to his colleagues and confirmed that there were no other material reasons for his resignation beyond the SPA-related changes.

New Appointments

The Board of Directors, during its meeting on November 20, 2024, approved the following appointments:

1. Karthik Srinivasan as Chairman, Managing Director, and CFO for a three-year term, subject to member approval.
2. Dr. Shailendra Somarouthu as an Independent Director for a five-year term, also subject to member approval.

Both appointments were made on the recommendations of the Nomination and Remuneration Committee and the Audit Committee.

Profiles of New Appointees

Karthik Srinivasan
With over 20 years of professional experience in the banking and technology sectors, Mr. Srinivasan has worked across India, Australia, and the broader APAC region. His expertise lies in merging legacy banking systems with modern digital products, making him a leader in the convergence of financial services and technology.

Notably, Mr. Srinivasan has spearheaded innovative core banking and digital payment solutions for Indian banks and global fintech companies. His leadership and vision earned him an invitation to the G20-DIA Mega Summit in 2023, where he showcased cutting-edge innovations in the financial sector.

Dr. Shailendra Somarouthu
A dynamic leader with over 25 years of experience spanning telecom, digital money, and education, Dr. Somarouthu is renowned for driving successful turnarounds in Asia and East Africa. As the founder of Sprout Knowledge Solutions, he has pioneered initiatives to integrate technology into education, equipping students with 21st-century skills.

Dr. Somarouthu’s professional journey reflects a strong commitment to innovation, strategy, and governance, making him a valuable addition to Jagsonpal Finance’s leadership team.

Implications for Corporate Governance

These changes reflect Jagsonpal Finance's commitment to strengthening its governance framework while embracing innovation in financial and technological strategies. The new leadership team, with its blend of expertise in banking, technology, and governance, is expected to steer the company toward sustained growth and modernization.

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