IDFC Bank CEO gives away Rs 3.95 Cr as part of serial stock gifting philosophy
IDFC First Bank MD & CEO V Vaidyanathan has gifted nearly Rs 4 crore worth of IDFC shares to his personal staff, and it is not the first he has done so!
In another display of incredible kindness, IDFC First Bank MD & CEO V Vaidyanathan has gifted another large set of shares to his personal employees.
IDFC documents revealed that he recently gifted around Rs 3.95 crore worth of IDFC shares to his household staff, trainer, and personal office staff to help them all purchase homes in their own names. In all, he gave them nine lakh shares in total.
This is not a first for the generous leader of IDFC First Bank. Ever since his own company, Capital First, was merged into IDFC to create IDFC First Bank in December 2018, there have been more and more instances of his largesse towards people with whom he has a personal connection.
In November 2020, soon after the pandemic hit, Vaidyanathan gifted one lakh IDFC equity shares to Gurdial Swaroop Saini. It soon came to the public's awareness that Saini was Vaidyanathan's childhood school teacher with whom the CEO had made a personal connect.
Similarly, last May, Vaidyanathan gifted 4.5 lakh IDFC equity shares to three individuals in his support staff to help them purchase homes as well. At the time, those shares were worth Rs. 2.5 crore.
IDFC Bank's official documentation declaring these gifts makes it clear that none of the recipients were personally related to him under the definitions of related parties under the Companies Act or SEBI regulations.
Additionally, the documentation is clear "that there are no direct or indirect benefits derived by V Vaidyanathan from these transactions."
Edited by Megha Reddy