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Friday, October 23, 2020

Why IDFC First Bank’s CEO gifted shares worth Rs 30 lakh to former school teacher

Having qualified for the college, and done well professionally, Vaidyanathan tried several times to get in touch with his former teacher but failed to do so until now.

By: Trends Desk | New Delhi | Updated: October 8, 2020 4:24:10 pm
IDFC First bank CEO gifts teacher viral story, V.Vaidyanathan, BITS, BITS alumni, viral story, good news, trending, indian express, indian express newsSince being shared online, the post has gone viral on social media and prompted several reactions among netizens with many calling it a "beautiful story". (Source: Peri Maheshwer/Facebook)

IDFC First bank MD and CEO V Vaidyanathan recently gifted his former math teacher one lakh equity shares worth around Rs 30 lakh as a token of thanks, and a Facebook post revealed how the teacher had given him the money to travel for an  interview.

According to a Facebook post by publisher Maheshwar Peri, Vaidyanathan was living in Chennai when he qualified for the engineering course at Birla Institute of Technology (Mesra). However, he did not have the money to travel to the college for the interview and complete the admission formalities. That was when his math teacher Gurdial Saini lent him Rs 500.

Vaidyanathan qualified for the course and went on to do well professionally, but was never able to get back in touch with his teacher, who had moved homes. He finally discovered that his teacher was living in Agra and called him to express his thanks.

But then earlier this month, the bank made a regulatory filing to the stock exchanges. The bank said that Vaidyanathan had transferred his one lakh shares in the bank that he held to the Saini.

The filing said that Vaidyanathan had transferred the shares “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”.

Since being shared online, the Facebook post has gone viral and prompted several reactions among netizens, with many saying it was a “beautiful story”.

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