Nitin Chugh has resigned from the position of Managing Director and CEO of Ujjivan Small Finance Bank, a subsidiary of the listed entity Ujjivan Financial Services, with effect from September 30, the bank said in a statement on Thursday.
Chugh has confirmed to the bank, in his resignation letter, that he is resigning due to personal reasons and there are no material reasons, the bank stated. He was appointed as MD and CEO of the bank for a period of three years with effect from December 1, 2019.
"The Bank has received a letter dated August 18, 2021, from Mr Nitin Chugh (DIN: 01884659) tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021," the bank statement to the stock exchanges said.
Chugh's tenure as Director of Ujjivan Small Finance Bank is co-terminus with his tenure as Managing Director and CEO of the bank. "Therefore, he shall cease to be a Director of the Bank with effect from the aforesaid date," the bank added.
The bank statement said he will also "cease to be Key Managerial Personnel of the Bank in terms of Section 203 of the Companies Act, 2013".
Before Ujjivan Small Finance Bank, Chugh served as the Group Head of Digital Banking of HDFC Bank. Shares of Ujjivan Financial Services closed 0.41 per cent lower at Rs 24.40 apiece on the NSE today.
Also read: Delta variant infects both vaccinated, unvaccinated: ICMR studyAlso read: Jet Airways: Monitoring committee formed to implement resolution planAlso read: Toyota cuts September production by 40% over global chip shortage