Mr. Shailesh. J. Mehta
Chairman, Independent and Non-Executive Director
Dr. Shailesh J. Mehta has completed his Bachelor of Technology in Mechanical Engineering from Indian Institute of Technology, Mumbai, and holds a master’s degree in Operations Research from Case Western Reserve University. He holds a Doctor of Philosophy degree in Operation Research and computer science from Case Western Reserve University. He also holds Hon. Doctorate in Human Letters from the California State University. He has over 45 years of work experience and has held the positions of President, Granite Hill Capital Ventures, Chairman and Chief Executive Officer, Providian Financial Corporation, Operating general partner, West Bridge Capital, President and Chief Operating Officer, Capital Holding Insurance group, and Executive Vice President, Key Corp. He has also served on the U.S. Board of Master Card International, Board of PayPal Inc, Chairman of First Source solutions, Trustee of California State University System. He is founder of the Shailesh J Mehta School of management at IIT Bombay.
Mr. V.P. Nandakumar
Managing Director & CEO.
Mr. V.P. Nandakumar is a post graduate in science with additional qualifications in Banking & Foreign Trade. Immediately after completion of his education, he joined the erstwhile Nedungadi Bank Limited. In 1986, he resigned from the Bank to take over the family business, upon the demise of his father, V.C. Padmanabhan. In 1992, he promoted Manappuram Finance Ltd. and has been a director of the company since then. In the past, Mr. Nandakumar has been associated with leading trade and industry associations such as ASSOCHAM and CII in various capacities. He is currently the Co-Chair of the State Council of FICCI Kerala.
In past, Dr.Sumitha Nandan had acted in various executive capacities at Manappuram Finance Ltd. including as Chief Executive Officer of Online Gold Loan (OGL). She had held the whole time Director position in Manappuram Health Care Limited. She had also held Directorships in Manappuram Home Finance Limited, Manappuram Agro Farms Limited, Systemic Ayurvedic Research Private Limited and Macare Dental Care Private Limited. Dr.Sumitha Nandan has completed her MBBS from Rajiv Gandhi University Of Science &Research Institute, Karnataka. She holds MS from Sri Ramachandra University Chennai and a fellowship in Cosmetic Gynecology. She has Worked in multiple Hospitals as consultant Gynecologist at Trikakkara Co-operative Hospital Cochin and KIMS Hospital Cochin. She worked as an Assistant Professor in Amritha Institute of Medical Science and she also consultant Gynecologist and Cosmetologist in Cimar Hospital, Cochin.
Board of Directors
Mr. P. Manomohanan
Independent and Non-Executive Director
Bachelor of Commerce from Kerala University, Diploma in Industrial finance from Indian Institute of Bankers and also a Certified Associate of the Indian Institute of Bankers. Has over 38 years of work experience in the RBI and in the regulatory aspects of NBFCs. He retired as the General Manager of Reserve Bank of India, Department of Banking Supervision, Trivandrum and served in the Board of the South Indian Bank Ltd and the Federal Bank Ltd.
Mr. V.R. Ramachandran
Independent and Non-Executive Director
He holds a Bachelor of Science from the Calicut University and a Bachelor degree in law from the Kerala University. He has over 32 years of work experience and is a civil lawyer enrolled with the Thrissur Bar Association.
Mr. Abhijit Sen
Independent and Non-Executive Director
Mr. Sen retired as Chief Financial Officer- Citibank, India Subcontinent in 2015 after serving the organisation for almost 20 years. Post retirement he is associated with a large Big 4 firm as an External Advisor, for their activities in the Banking and Financial Services Sector. He serves on several Boards including Kalyani Forge Ltd, Trent Ltd , U Gro Capital ,Ujjivan Micro-Finance Ltd. and Cashpor Microcredit. He also chairs the Audit Committees of Kalyani Forge Ltd, Trent Ltd and U Gro Capital in addition to participating on several other Board Committees. In the past, Abhijit was also on the Board of National Securities Depository Ltd and various Citi entities and has been an External Advisor to General Atlantic. He has a B.Tech (Hons) degree from the Indian Institute of Technology, Kharagpur and a Postgraduate Diploma in Management from the Indian Institute of Management, Kolkata with Majors in Finance & Information Systems.
Mr. Harshan Kollara
Independent and Non-Executive Director
Experienced Financial Services professional, with over 40 years of experience in banking & Financial services in India and abroad. Has been with diverse institutions (Union Bank of India, ICICI bank (as EVP and Head of International banking), Union bank of California (as Vice president and Regional Head of South Asia Region) and Federal bank (as its Executive Director). Good project management experience in setting up institutions. Has been Non-Executive Director, Experian credit information co of India p ltd, has approved person status with UK regulator FCA. Extensive experience in foreign exchange, cross border trade Finance, payment business, consumer credit, Core banking application system implementation, and compliance including AML, CTF & financial crime prevention practices. Experience in global standards and best practices in Governance. Harshan is an alumnus of Mumbai University.
S.R. Balasubramanian holds a Bachelor degree in Engineering (Electronics) from Madras University and has a Post Graduate Diploma in Computer Science from IIT Bombay to his name. He has over 43 years of experience in the field of Information Technology at various capacities. Out of which 35 years are in the IT space of BFSI. He was the former VP of Citibank and has worked in India, Singapore and Kenya. He played a key role as Technology Head for implementing Cash Management Technology in Citibank during the early 90s. He was with HDFC Bank for over 7 years as Senior VP and moved to IT Advisory role for few Banks in India and was Business Advisor to a software company and served there for 4 years. He was the former Board member of Quantum Asset Management Company(P) Ltd since 2010 and completed the Board term on August 2020. Currently he is the member of Information Security Committee of Quantum AMC and provides his service as an external expert.
Independent and Non-Executive Director
Ms. Pratima Ram is an experienced banker with three decades in Corporate, International, Investment & Retail Banking. She has worked in India, USA and South Africa. Pratima held the position of Country Head & Chief General Manager of the United States Operations of State Bank of India, in New York, and prior to this she was the CEO of the South African operations of the Bank based at Johannesburg. At SBI Capital Markets, she assisted companies in raising funds through capital market instruments and led the Corporate Advisory, M&A, & Project Appraisal business. She also led the training initiatives of SBI as head of the SBI Academy. On leaving the public sector, she joined private sector in the infrastructure and Oil & Gas space as Group President Finance at Punj Lloyd Group having diversified operations then in more than 15 countries.
Pratima was CEO and Whole Time Director of India Infoline Finance Ltd, IIFL, a large Non-Banking Finance company focused on lending to small businesses, Real Estate and Health Care sectors. She also held the CEO position at India Infoline Housing Finance Ltd. She is an independent Director on Boards of corporates in the electrical , auto, textiles, energy, and mining industry. She is on the boards of Minda Corporation Ltd, GPS Renewables Pvt Ltd, Cadila Pharmaceuticals Pvt Ltd, Avaali Solutions Pvt Ltd. Minda Instruments Limited , Subex Account Aggregator Services Pvt Ltd & Manappuram Home Finance Limited. She also mentors startups in IT, renewable energy and agriculture sectors. She earlier held Board position in SBI California Ltd, USA and India Infoline Finance Ltd, Mumbai. In Bangalore, she is on the Perspective Planning Committee of Bangalore International Centre, an initiative of TERI, set up on the lines of India International Centre. She was member of the Executive Committee of Bangalore International Centre and was on the Management Committee of Bangalore Chambers of Industry and Commerce and on their sub Committees on Banking & Finance. She has been associated with CII for their programmes for Small & Medium industry. When in USA, she was associated with the activities of US-India Business Council & Asia Society and was an elected member of the executive committee of the Institute of International Bankers, USA.
She takes keen interest in mentoring and advising medium size corporate, using her expertise gained in Corporate Banking & Advisory, Forex management and Risk management as well as experience gained in public & private sector industry. She is also deeply involved in improvement of rural school education in North Karnataka.
Pratima graduated from University of Virginia, USA and Bangalore University.
Adv. Veliath Pappu Seemanthini
Independent and Non-Executive Director
Adv. Veliath Pappu Seemanthini is a law graduate and a Senior Advocate designated by High Court of Kerala. She is also a Standing Counsel for various Central Government and State Government Institutions like High Court of Kerala, Food Corporation of India, National Insurance Company, Coir Board, Steel Authority of India (SAIL), Bokaro Steel Plant, Vishakhapatnam Steel Plant, Steel Industries Kerala Ltd, Kerala Feeds Limited, Kerala State Women’s Commission, Institute of Management Studies, Trivandrum, South Malabar Gramin Bank. She is Practicing in the Supreme Court of India, High Court of Kerala and various other Courts and Tribunals. Mainly handling cases in Constitution. She is also involved and committed to various social activities such as :-
- Regional Director (India) of International Federation of Women Lawyers (Asia Region).
- The President of All India Federation of Women Lawyers during (2009 – 2010).
- President of Indian Federation of Women Lawyers (Kerala Branch) on two spells.
- Attended various seminars and conferences in relation to women and children and has been espousing the cause of women. Had been mediator and amicus curie as requested by the High Court in various cases.
- Dedicated to the promotion of welfare of women and children and other socially, educationally and economically backward sections of the society.
- Secretary of Kerala High Court Senior Advocate Association.
- Member of Indian Law Reports Council (Kerala Series).
- Member of High Court Legal Service Committee.
- President, Central Administrative Tribunal Advocate Association.
Mr. T C. Suseel Kumar
Independent and Non-Executive Director
T.C. Suseel Kumar retired as the Managing Director of Life Insurance Corporation of India (LIC) in January 2021 after a career spanning close to 4-decades, during which he headed several major portfolios of LIC including Investments, Finance & Accounts, Audit, Corporate Planning, Marketing, Customer Relationship Management, HR, Risk Management, Corporate Governance and Bancassurance. Suseel also headed the foreign operations of LIC Mauritius for over 3 years.
With his expertise on analytics and interpretation of data, he has authored LIC’s business strategies to regain a high market share. During his stewardship in Marketing, LIC has crossed many a milestone with an all-time high First Year Premium Income and consolidated its market leadership with appreciable growth. He also pioneered the market research program to target millennials for both new business and agency recruitment.
Well experienced in the field of insurance, finance and related fields, he has held positions on the Boards of several valuable companies including LIC, Axis Bank, LIC Lanka Limited, National Mutual Fund Mauritius, National Insurance Academy, LIC HFL, LIC Pension Fund, LIC Mutual Fund and LIC PF Trust.
In addition to providing strategic advice and guidance to various companies and businesses, he is now Director of Bombay Stock Exchange, PCBL and Lakshmi Machine Works Limited. Further, he is also a chairperson / member of various important committees including Audit, CSR, Treasury Review, Business Review, Delisting, Stakeholders Relationships, NRC and Risk Management.
Dr. Sankaran Nair Rajagopal
Independent and Non Executive Director
Dr. S. Rajagopal is a seasoned banking professional with over three decades of experience in Reserve Bank of India and three years with leading commercial banks. As the Regional Director of RBI, Dr. Rajagopal spearheaded its operations in Maharashtra & Goa, serving as the Ex-Officio Alternate Co-chairman of State level Bankers’ Committees of these states. He was the Chairman of Empowered Committees for MSMEs in both the states as also the Chairman of the Empowered Committee for Regional Rural Banks in Maharashtra..
His tenure at the Financial Stability Unit saw him as a member of the Analytical Group on Vulnerabilities (AGV) of Financial Stability Board, Basle, Switzerland. Dr. Rajagopal’s expertise spans across areas such as supervision and regulation of Commercial banks and Urban Co-operative banks, financial stability analysis, payment system operations, foreign exchange, financial inclusion, currency management, human resources management and training. He also served as a Nominee Director on the Board of the Bank of Maharashtra and also as nominee Director of RBI in Global Trust bank (till amalgamation with OBC).
Currently, Dr. Rajagopal lends his expertise as a Part-time Consultant to a leading Law Firm and serves as an Independent Director on the Board of InCred Financial Services Ltd, an NBFC. His academic credentials include an MBA in International Management from the University of Dallas, USA, an MBA in Banking and Finance from the University of Science & Technology (CUSAT), and Ph.D. in Management from the University of Pune. He also holds a Diploma in Training & Development from the Indian Society for Training & Development and is a Certified Associate of the Indian Institute of Bankers (CAIIB).
Dr. Rajagopal has also served as a Visiting Professor in S.P.Jain School of Global Management in their Singapore & Dubai campuses. His insights and thought leadership have been published in leading financial dailies and journals. In his spare time, Dr. Rajagopal enjoys traveling and exploring new cultures, which helps him bring a global perspective to his work.
Code of Conduct For Board And Senior Management
Manappuram Finance Ltd is committed to upholding the highest standards of moral and ethical values in the conduct of its business. The board of directors, senior management and all employees of this company share this commitment. The company has adopted the following code of conduct as its policy guide in the conduct of its business. Commitment to ethical professional conduct is expected of every member and all employees should understand and implement the code adopted by the company in its true spirit.
For the purposes of this code the Board means all directors of the company including the chairman and managing director. Senior management shall mean Deputy General Managers, all functional heads reporting to the Chief Executive Officer and the Company Secretary.
Honesty, integrity and diligence are the fundamental aspects qualifying every act on the part of the board and senior management. They should act in good faith for and on behalf of the company and adopt the highest standards of personal ethics, integrity, confidentiality and discipline in dealing with all matters relating to the Company
Any confidential information obtained during the course of their duty should not be used for personal aggrandizement or financial gain to self or to a third party.
They shall not engage in any business, which is detrimental to the interests of the company. They shall maintain the confidentiality of all material and non-public information about the company or its business and must always act in the best interests of the Company and its stakeholders.
They Shall not accept any gifts, benefits in cash or in kind or other personal favours from the customers or from those seeking any business from the company and shall conduct the activities outside the Company in such manner as not to adversely affect the image or reputation of the Company.
The directors shall not associate with other Non Banking Financial Companies registered with RBI outside the group either as a Director or in any managerial or advisory capacity, (not including statutory compliance and audit) without the prior approval of the Board.
They must obey existing local, state, national, and international laws unless there is a compelling ethical basis not to do so.
They shall strive to achieve the highest quality, effectiveness and dignity in their work and must accept social responsibilities for their acts.
They shall always abide by the Code of Conduct, and shall be accountable to the Board for their actions/violations/defaults
Independent directors shall have following duties:
The independent directors shall -
Undertake appropriate induction and regularly update and refresh their skills, knowledge and familiarity with the company;
Seek appropriate clarification or amplification of information and, where necessary, take and follow appropriate professional advice and opinion of outside experts at the expense of the company;
Strive to attend all meetings of the Board of Directors and of the Board committees of which he is a member;
Participate constructively and actively in the committees of the Board in which they are chairpersons or members;
Strive to attend the general meetings of the company;
Where they have concerns about the running of the company or a proposed action, ensure that these are addressed by the Board and, to the extent that they are not resolved, insist that their concerns are recorded in the minutes of the Board meeting;
Keep themselves well informed about the company and the external environment in which it operates;
Not to unfairly obstruct the functioning of an otherwise proper Board or committee of the Board;
Pay sufficient attention and ensure that adequate deliberations are held before approving related party transactions and assure themselves that the same are in the interest of the company;
Ascertain and ensure that the company has an adequate and functional vigil mechanism and to ensure that the interests of a person who uses such mechanism are not prejudicially affected on account of such use;
Report concerns about unethical behaviour, actual or suspected fraud or violation of the company’s code of conduct or ethics policy;
Acting within his authority, assist in protecting the legitimate interests of the company, shareholders and its employees;
Not disclose confidential information, including commercial secrets, technologies, advertising and sales promotion plans, unpublished price sensitive information, unless such disclosure is expressly approved by the Board or required by law.
In addition to the above duties an independent director shall be subject to following professional conduct:
An independent director shall:
Uphold ethical standards of integrity and probity;
Act objectively and constructively while exercising his duties;
Exercise his responsibilities in a bona fide manner in the interest of the company;
Devote sufficient time and attention to his professional obligations for informed and balanced decision making;
Not allow any extraneous considerations that will vitiate his exercise of objective independent judgment in the paramount interest of the company as a whole, while concurring in or dissenting from the collective judgment of the Board in its decision making;
Refrain from any action that would lead to loss of his independence;
Where circumstances arise which make an independent director lose his independence, the independent director must immediately inform the Board accordingly;
Assist the company in implementing the best corporate governance practices.
An independent director shall be held liable, only in respect of such acts of omission or commission by a company which had occurred with his knowledge, attributable through Board processes, and with his consent or connivance or where he had not acted diligently with respect of the provisions contained in the Listing Agreement.
Change in Directorship
Mr. Shailesh Mehta Stepped Down as director of the board of the company with effect from 22.08.2018.
Mr. V.M Manoharan, stepped down as a director of the board of the company w.e.f 25.07.2014.
There has been change in the designation of Mr. I Unnikrishnan from ED and deputy CEO to Non- Executive Director w.e.f. 30.11.2014.
Mr. I.Unnikrishnan stepped down as a director of the board of the company w.e.f 05.11.2015.
Mr. Amla Samanta has been appointed as an Independent Director of the Board with effect from 06.08.2015.
Mr. Pradeep Saxena Stepped Down as director of the board of the company with effect from 09.08.2016.
Mr. Gautam Ravi Narayan has been appointed as an "Non Executive Director" of the Board with effect from 21.08.2018.
Ms.Sutapa Banerjee has been appointed as Additional Director of the Board with effect from 06.02.2019.
Dr. Amla Samanta Stepped Down as director of the board of the company with effect from 01.04.2019.
Ms. Sutapa Banerjee has been appointed as Independent Director of the Board with effect from 01.04.2019.
Mr. Abhijit Sen has been appointed as an Additional Director of the Board with effect from 17.07.2019.
Mr. Abhijit Sen has been appointed as Independent Director of the Board with effect from 27.08.2019.
Mr. E A Kshirsagar Stepped Down as director of the board of the company with effect from 06.11.2019.
Mr. Rajiven V R had expired on 19.10.2019.
Mr. Harshan Kollara has been appointed as an Additional Director of the Board with effect from 28.01.2020.
Mr. Shailesh Mehta has been appointed as an Additional Director of the Board with effect from 27.02.2020.
Mr.B.N. Raveendra Babu Re-designated as Non Executive Director of the board of the company with effect from 31.05.2020.
Mr. Harshan Kollara has been appointed as Independent and Non-Executive Director of the Board with effect from 28.08.2020.
Mr. Shailesh. J. Mehta has been appointed as Independent and Non-Executive Director of the Board with effect from 28.08.2020.
Mr.Jagdish Capoor Stepped down as director of the board of the company with effect from 18-10-2021.
Mr.Shailesh J. Mehta has been appointed as Chairman of the board with effect from 13-11-2021.
Mr.B N Raveendra Babu, stepped down as Non-executive Non-Independent Director of the Board with effect from 18.05.2022.
Ms.Sutapa banerjee, stepped down as Non-executive Independent Director of the Board with effect from 04.07.2022.
Ms.Pratima Ram (DIN-03518633) has been appointed as Non-executive director of the Board w.e.f 23.09.2022.
Adv. Veliath Pappu Seemanthini (DIN: 07850522) has been appointed as Non-Executive Director (Independent) of the Board w.e.f 23.12.2022.
Dr.Sumitha Nandan (DIN:03625120 ) has been appointed as Additional Director (Executive ) of the Board w.e.f 01.01.2023.
Vide Postal ballot results dated 03rd Feb 2023,Shareholders approved the appointment of Adv. Veliath Pappu Seemanthini (DIN: 07850522) as Independent Non-Executive Director of the Board w.e.f 23.12.2022.
Vide Postal ballot results dated 03rd Feb 2023,Shareholders approved the appointment of Dr.Sumitha Nandan (DIN:03625120 ) as Executive Director of the Board w.e.f 01.01.2023.
Mr.Gautam Ravi Narayan, Stepped down as director of the board of the company with effect from 04.04.2023.
Mr. T C. Suseel Kumar (DIN: 06453310) has been appointed as Additional Director (Non-Executive Independent) of the Board with effect from 01.11.2023.
Dr. Sankaran Nair Rajagopal(DIN:10087762) has been appointed as Additional Director (Non-Executive Independent) of the Board with effect from 01.01.2024.
Vide Postal Ballot result dated December 28,2023, Shareholders approved the appointment of Mr. T C Suseel Kumar (DIN: 06453310) as Independent Non-Executive Director of the Board w.e.f Novenber 1,2023.
Vide Postal Ballot result dated December 28,2023, Shareholders approved the appointment of Ms. Pratima Ram (DIN: 03518633) as Independent Non-Executive Director of the Board w.e.f April 1,2024.
Vide Postal Ballot result dated December 28,2023, Shareholders approved the appointment of Dr. Sankaran Nair Rajagopal(DIN:10087762) as Independent Non-Executive Director of the Board w.e.f Janauary 1,2024.