A bank CEO gifted shares worth Rs 3,000,000 (Dh150,348) to his former school teacher as a token of gratitude for lending him money to travel for an interview at the start of his career in India.
IDFC First bank Managing Director and CEO V Vaidyanathan gifted his former math teacher 1,00,000 equity shares worth around Dh150,348.
According to a Facebook post shared on October 6, which has now gone viral on social media, Vaidyanathan, who then resided in Chennai, had qualified for an engineering course at the Birla Institute of Technology (Mesra) but did not have the money to travel there to give the interview and complete the formalities.
As the youngster struggled to collect enough money to travel, his then math teacher Gurdial Saini lent him Rs 500 (Dh25).
According to the post, Vaidyanathan, qualified for the course and went on to do well professionally. Throughout the years the banker tried to get in touch with his former teacher but failed to do so till recently.
Earlier this month, the bank made a regulatory filing to the stock exchanges and as per the official notice addressed to Saini, Vaidyanathan had transferred his one lakh equity shares to his teacher.
“Pursuant to Regulation 30 of the (Securities and Exchange Board) SEBI Listing Regulations read with Regulation 7(2) and 6(2) of the SEBI Insider Trading Regulations, we wish to inform you that V. Vaidyanathan has transferred 1,00,000 fully paid-up equity shares of IDFC FIRST Bank Limited held by him in his personal capacity to his former school teacher, Gurdial Saroop Saini, as a gift, without any consideration as a token of gratitude for his teacher’s help to him at an earlier stage in his life,” read the notice, according to the Facebook post.
Social media users appreciated Vaidyanathan’s gesture.
“Such an inspiring story!” wrote Facebook user Asha Samtani.
User Salman Harris commented: “Gratitude is rare virtue in these days. Thank you for holding it.”
According to Indian media reports, it is not the first time Vaidyanathan has showered his loved ones with extravagant gifts.
Reportedly, in 2018, gifted he gifted 429,000 shares, worth over Rs20,00,00,000 (Dh10,024,351) from his personal stake to 26 of his colleagues, three former employees, 10 close relatives and five of his personal staff including house help and drivers.