Sunday, May 30, 2010
Suzlon's CFO Sumant Sinha quits to start his own advisory firm: ET reports
As I had reported in my previous post about Suzlon's CFO quiting and reasons not known, (ET confirms the news) but now he gives reason...
Sumant Sinha, has decided to step down from the position witheffect from 1st June 2010, he will pursue his own entrepreneurial interest and sets up his own financial advisory consultancy.
His first Signed - up client is SUZLON ENERGY LTD, to provide high level strategic advice and counsel to the board and managment team.
"I want to persue my own enterpreneurial path for sometime now and financial advisory firm allows me to launch off on my own and deeper dive in many interesting areas", Sinha said.
"I look forward to my continued association with Suzlon and I am delighted that it will be my first client," he added.
Suzlon's chairman, Tulsi Tanti, said that "Sinha's contribution in buliding relationships with important stake holders has been very valueable in getting Suzlon back on track where it is now well-positioned to ride through the current turbulance in the global environment and to rediscover success once again"
Mean while Suzlon's results was out as expected not good, giving Sales down by 28% at Rs.6160 cr, and Net Loss of Rs.188 cr vs Net Profit of Rs.315 cr. Group Revenue at Rs.20620 cr ($4.3 bn) for year FY09-10.
NET DEBTS as on 31st March 2010 down to Rs.10153 crs v/s Rs.12189 cr. Consolidated Net Debt Rs.9764 crs.
Company approves Rights issue of face value Rs.2 to its existing equity shareholders.