Poonawalla Fincorp Limited (formerly Magma Fincorp) said that Sanjay Chamria has stepped down as the company’s executive vice chairman having serving as its co-founder since its founding.

In the recent times, the Indian non-banking finance company had secured investment from Rising Sun Holdings, which was followed by Adar Poonawalla joining its board as the chairman.

Poonawalla Fincorp said that the investment has boosted the shareholder value and has put the company in a position to achieve strong growth and embark on a new journey under the new management as well as the new promoter.

With the new leadership team in total charge under Adar Poonawalla, the new promoter, Sanjay Chamria has decided to move on.

Adar Poonawalla — Chairman of Poonawalla Fincorp said: “Mr. Chamria has been associated with the Company since inception and led the company with distinction. Now he has decided to retire as the professional leadership team has taken over the reins of the management.

“We wish Mr. Chamria all the very best in his future endeavors and record our appreciation of his contribution to the growth of the Company.”

  Adar Poonawalla, India, Poonawalla Fincorp Limited, Rising Sun Holdings, Sanjay Chamria