IDFC board extends term of MD Mahendra Shah, appoints Bipin Gemani as CFO

Mahendra Shah was first appointed as IDFC MD in October 2022

The board of directors of Infrastructure Development Finance Company (IDFC) on July 17 gave its nod for the extension of Managing Director Mahendra Shah's term by another year, and the appointment of Bipin Gemani as the company's chief financial officer with immediate effect, a regulatory filing stated.

The board has, on the recommendation of the nomination and remuneration committee, "re-appointed Mahendra N Shah as the managing director of the company with effect from October 01, 2023 till

September 30, 2024", the exchange filing said. The extension of term, however, will be subject to approval of the shareholders, it added.

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 till September 30, 2024, subject to approval of the shareholders", the regulatory filing further noted.

Gemani was earlier the CFO of IDFC Bank. His association with financial services group goes back to over 25 years, as he had joined IDFC in 1997. Prior to joining IDFC, Gemani worked with Atlas Copco (India) as general manager - finance for nine years.

Shah, who is currently at the helm of IDFC, was first appointed to the post in October 2022. He joined the company in 2001, and has served in various roles including group company secretary and group chief compliance officer

of IDFC First Bank, and company secretary and compliance officer of IDFC Ltd.

In the trading session on July 17, IDFC's scrip settled at Rs 112.40 on the BSE, which was 1.14 percent lower as against the previous day's close.