Ujjivan Financial Services appoints Sanjeev Barnwal as CEO

Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank. (File image)

Ujjivan Financial Sevices' Board of Directors has unanimously approved the appointment of Sanjeev Barnwal as Chief Executive Officer (CEO) of the firm, effective from September 10, 2021, the company said in an exchange notification on September 9.

Barnwal will continue to be the Company Secretary and key managerial personnel of the company, the company said.

Barnwal is a qualified Company Secretary from the Institute of Company Secretaries of India and holds a Bachelor's degree in Law and a Diploma in Business Management, the company said in the statement.

Prior to joining Ujjivan, Barnwal worked with SMC Capitals Limited as Associate Vice President and Company Secretary.

In April this year, Ujivan Financial Services shareholders had rejected a special resolution to appoint founder Samit Ghosh as managing director and CEO.

Also, shareholders didn't approve the special resolution to re-appoint Abhijit Sen as an independent director.

Both resolutions received 70 percent of the valid votes in favour. However, these being special resolutions in nature, required a minimum of 75 percent of the valid votes polled in favour of the resolution or a minimum of three times of the votes polled against the resolution.

Shareholders had passed the appointment of Sunil Vinayak Patel and Rajesh Kumar Jogi as independent directors with the requisite majority through ordinary resolutions.