IDFC First Bank MD gifts Rs 30-lakh shares to schoolteacher

Mumbai, Sep 30 (SocialNews.XYZ) As a token of gratitude, IDFC First Bank MD and CEO V Vaidyanathan has transferred one lakh equity shares worth around Rs 30 lakh to to his former schoolteacher Gurdial Saroop Saini.

The transfer of shares was done without any consideration in appreciation of Saini's help to Vaidyanathan during the early stage of the latter's life, the bank said.

In a regulatory filing, the bank said that the CEO had clarified that Saini was not a related party under the Companies Act, and he would pay taxes as per the applicable law.

"We wish to inform you that Vaidyanathan has transferred 1,00,000 fully paid-up equity shares of IDFC FIRST Bank Limited, held by him in his personal capacity, to his former schoolteacher, Gurdial Saroop Saini, as a gift...," the bank said in the filing.

It has been known that his Maths teacher Saini had lent him Rs 500 to take a train for admission to the Birla Institute of Technology, Ranchi, as he did not have the money to buy train tickets and could not get in touch with his family either.

So grateful was Vaidyanathan for the timely and much-needed support from his teacher that he searched for him for about 30 years.

Later he traced Saini in Agra a few years ago and called to thank him for his support.

Vaidyanathan was born in Chennai and studied in Kendriya Vidyalayas across the country. Saini was his teacher at Kendriya Vidyalaya, Pathankot.

Shares of IDFC First Bank on Wednesday closed at Rs 29.95 on the BSE, lower by 0.33 per cent from the previous close.

Vaidyanathan was the founder of Capital First, an NBFC, which merged with IDFC Bank in December 2018, creating IDFC First Bank.

It is not the first time that Vaidyanathan has shown such generosity. In 2018, as the Chairman of Capital First, he gifted 4,30,000 shares worth over Rs 20 crore to two of his drivers, three maids, some colleagues, and family members.

Source: IANS