SBFC Finance Limited has informed the Exchange regarding Resignation of Mr. Shanesh Jain as Head- Internal Audit of the company w.e.f. November 01, 2025.
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SBFC Finance's board met on November 1, 2025, and approved a new ESOP Policy 2025-I covering 1,21,00,000 (1.21 crore) employee stock options, subject to shareholder approval via postal ballot. Two senior managers resigned the same day: Mr. Shanesh Jain, Head of Internal Audit (relocating to UAE for personal reasons) and Mr. Viney Vaid, Head of Credit (personal reasons, after nearly 8 years with the company). To fill the credit leadership gap, the board appointed Mr. Sreenivas Mylavarapu as Chief Credit Officer, effective immediately. Mr. Mylavarapu brings over 29 years of banking experience across retail, MSME, agriculture, and microfinance, with prior senior roles at Karnataka Bank, Aditya Birla Housing Finance, Kotak Mahindra Bank, and IDBI Bank.
The simultaneous exit of two senior leaders (Internal Audit and Credit heads) is noteworthy and may raise short-term concerns about continuity, though both resignations cite personal reasons and the credit role has been promptly filled with an experienced external hire. The proposed ESOP pool of 1.21 crore shares could lead to dilution of existing shareholders once approved and granted, while also serving as a retention and motivation tool for employees.