According to a regulatory filing, the board of directors of Infrastructure Development Finance Company (IDFC) approved the appointment of Bipin Gemani as the organization’s chief financial officer with immediate effect on July 17 and the extension of Managing Director Mahendra Shah’s term by one year.
Mahendra N. Shah was “reappointed as the managing director of the company with effect from October 01, 2023 until September 30, 2024,” the exchange statement stated. This decision was made based on the nomination and remuneration committee’s proposal. According to the statement’s addition, the shareholders must approve any term extensions. According to the regulatory filing, the board has also “appointed Bipin Gemani as the whole-time director and chief financial officer (WTD & CFO) of the company with effect from July 17, 2023, until September 30, 2024, subject to approval of the shareholders.”
Gemani previously served as the CFO of IDFC Bank. Since he joined IDFC in 1997, he has been associated with the financial services industry for more than 25 years. For nine years, Gemani served as general manager of finance for Atlas Copco (India) before joining IDFC. Shah was originally appointed to the position in October 2022 and presently serves as the CEO of IDFC. He began working for the organization in 2001, and since then, he has held a number of positions, including group company secretary and group chief compliance officer of IDFC First Bank and company secretary and compliance officer of IDFC Ltd.
The share price of IDFC was 1.14 percent lower than the previous day’s finish as it closed the trading session on July 17 at Rs 112.40 on the BSE.
