Ashish Johri resigns as CEO of Allsec Technologies, Naozer Dalal to take over

Quess Corp: Quess Corp withdraws scheme of amalgamation of Allsec Technologies. The company said due to changed market scenario, the board has decided to withdraw the proposal of the scheme of amalgamation of Allsec Technologies with the company. The board has appointed Kamal Pal Hoda as the Group Chief Financial Officer of the company with effect from January 10, 2023 in place of N Ravi Vishwanath.

Chennai-headquartered business process outsourcing firm Allsec Technologies informed the exchanges on February 12 that its Chief Executive Officer (CEO) Ashish Johri has resigned. Allsec is a subsidiary of Conneqt Business Solutions, which is a wholly-owned subsidiary of Quess Corp.

Johri’s resignation comes a little over a month after the merger between Quess Corp and Allsec was called off; the company continues to hold a 73 percent stake in Allsec.

According to the exchange filing, Johri’s last day will be February 15, and Naozer Dalal, who is currently the Deputy CEO at Conneqt, will take over on February 16.

“Noting of the resignation of Mr Ashish Johri as Chief Executive Officer and KMP of the company with effect from the closing of the business hours of February 15, 2023. We thank him for his valuable contribution to the Company during his tenure as Chief Executive Officer of the Company,” the company said in the filing issued after the board meeting.

“Consequent to the change in the position of CEO and KMP, the Risk Management Committee is being reconstituted by inducting Mr Naozer Dalal in place of Mr Ashish Johri with effect from February 16, 2023,” the stock exchange filing added.

Dalal-led P&L responsibilities for both domestic and international clients at the company, and played a role in operational governance and controls. He has previously worked at the Standard Chartered Bank, Prudent Process Management Services, and e-Nxt Financials, among others.

In the last week of December, the companies had announced that the scheme to merge both was being withdrawn in view of the “changed market scenario”. Allsec had been acquired by the company in 2019, and upon the merger, subsidiaries of Allsec were to become subsidiaries of Quess.

Quess CEO Guruprasad Srinivasan had told Moneycontrol that it was not the right time for the merger due to the stock price, and it was something that the company would consider in the future.