Whistleblower letter forced Ajay Srinivasan out of Aditya Birla Capital

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Editor's note: A letter from a whistleblower is what ended Ajay Srinivasan’s 14-year reign as the point man of Aditya Birla Group chairman Kumar Mangalam Birla’s $3.5 billion financial services empire, according to three people with direct knowledge of the matter. Sent to the boards of Aditya Birla Birla Capital, the holding company of the group’s financial services businesses, and its subsidiary Aditya Birla Sun Life AMC in end February, it levels serious allegations of corruption and mismanagement. Along with sealing Srinivasan’s fate, the 16-page letter is believed to have ushered in some key management changes within Aditya Birla Sun Life AMC, the three people—all executives at the Aditya Birla Group—told The Morning Context, on condition of anonymity. Srinivasan, stock exchanges were informed on 23 April, would hand over the Aditya Birla Capital CEO’s job to ICICI Bank veteran Vishakha Mulye on 1 June. He would take up another role within the group, which was yet to be decided. According to the three Aditya Birla Group executives, Srinivasan has expressed the desire to continue till his daughter’s wedding—which is on cards for …