Dhiraj Saxena Resigns as CTO of Poonawalla Fincorp, Alleging Harassment from CHRO

Dhiraj Saxena, Chief Technology Officer at Poonawalla Fincorp Ltd., has resigned, citing workplace harassment by the Chief Human Resources Officer (CHRO).

His resignation, submitted on September 6, became effective on December 3, as per a regulatory filing shared late Friday.  

In his resignation letter, Saxena alleged that "harassment and unnecessary interventions" by the CHRO hindered his ability to effectively manage IT operations, creating unrest within the IT team and affecting overall project delivery. Despite efforts to collaborate, he stated "It seems it is not the intention of the other side."  

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Leadership Transitions and Workplace Tensions 

Saxena’s exit comes amidst significant leadership changes at Poonawalla Fincorp. Arvind Kapil, formerly of HDFC Bank assumed the roles of Managing Director and CEO in June 2024 while Harsh Kumar joined as CHRO in July 2024. Reports suggest these changes have introduced challenges with concerns about Kapil bringing in new personnel to the organization.  

Saxena’s resignation letter also requested formal relief under HR policies and expressed his best wishes for the company’s future.  

Company Background

Poonawalla Fincorp, formerly Magma Fincorp, rebranded in July 2021 following its acquisition by Adar Poonawalla’s Rising Sun Holdings. Positioned as a major player in India’s non-banking financial sector the company has yet to release an official statement addressing Saxena’s allegations.  

The resignation highlights potential challenges in workplace culture and conflict resolution, raising questions about organizational dynamics at Poonawalla Fincorp.

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