The Board of IDFC Ltd has approved the reappointment of Mahendra N Shah as the managing director of the company. His new tenure will be effective from October 1, 2023, to September 30, 2024, subject to the approval of the shareholders. Shah was first appointed as MD of IDFC Bank in 2022.

Shah, joined the company in 2001 and has served in various roles including group company secretary and group chief compliance officer of IDFC First Bank, and company secretary and compliance officer of IDFC Ltd. Prior to IDFC, Shah worked with International Paper Limited for a period of six years as director finance and company secretary.

According to the regulatory filing, the board has also appointed Bipin Gemani as the whole-time director and chief financial officer (WTD & CFO) of the company effective July 17. Bipin will continue to serve in this capacity till September 30, 2024, subject to the approval of the shareholders.

A qualified chartered accountant, Gemani joined IDFC Limited in 1997 and was a group director –finance. Prior to joining IDFC, Gemani worked with Atlas Copco (India) as general manager - of finance for nine years.