V Vaidyanathan gifts shares to his staff

Managing Director and CEO of IDFC First Bank Ltd., V Vaidyanathan in another Philanthropic gesture has gifted shares of his Bank to his staff. The value of said shares is reported as around Rs. 4.83 crore. According to the reports the shares have been given to five people including a driver, a trainer, a support staff and other house helps. Apart from the 9 lakh shares gifted by the Banker, Rukmani Social Welfare Trust also gave 2 lakh shares. IDFC First Bank in a statement said: “The recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations. There are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions.”