Big 4 veteran and EY partner and head of TMT (Technology, media and telecom) investment banking Ajay Shah has stepped down and may soon join a financial services platform promoted by ace stock market investor Madhu Kela, multiple industry sources in the know told Moneycontrol.
"The move has been in the works for several months and Shah may take up a leadership position in this new innings aimed at a diversified platform spread across asset management, advisory and other verticals,” said one of the persons above.
Two other persons confirmed the above, without elaborating more.
Both these persons spoke to Moneycontrol on the condition of anonymity.
An email query to EY and Madhu Kela was left unanswered at the time of publishing this article. When contacted, Shah confirmed the move, but declined to share more.
Shah, a chartered accountant and a lawyer, has been with EY since 2007 and has advised on transactions including the PVR-Inox Leisure merger, Bodhi Tree's $600 mn investment in Allen Career Institute and the stake buy by Warburg Pincus in Avanse Financial Services. Prior to EY, Shah had a stint of nearly a decade at KPMG.
Madhu Kela backs multiple entities, including NBFC MKVentures, boutique investment vehicle Invexa Capital and Singularity AMC. Madhu owns stake in companies such as Nazara Technologies, Indostar Capital, Waree Energies, etc.
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