Bank CEO Gifts Shares Worth Rs 30 Lakh to School Teacher Who Once Lent Him Rs 500 for Interview

 

Image: Facebook/Peri Maheshwar

V Vaidyanathan who gifted his school teacher 1,00,000 fully paid-up equity shares worth Rs 30,00,000 of IDFC First Bank.

A heart-warming post which involves the chief executive office of a bank and a school teacher is melting hearts on social media. The post shared by several people talks about the reason in detail behind the wonderful gesture made by the IDFC First Bank CEO V Vaidyanathan who gifted his school teacher 1,00,000 fully paid-up equity shares worth Rs 30,00,000 of IDFC First Bank.

The regulatory filing shared by the bank says that he gifted the shares “as a token of gratitude for his teacher's help to him at an earlier stage in his life.”

Mr V Vaidyanathan of @IDFCFIRSTBank gifts 1 lakh shares to his former school teacher. If I remember it correctly he did something similar in the past too when he was heading Capital First. He gifted shares to maids. Kind gesture. 🙏 pic.twitter.com/ylKsRhr84z

— Niteen S Dharmawat (@niteen_india) September 30, 2020

Founder of Careers 360, Peri Maheshwer took to Facebook to explain the specific reason behind Vaidyanathan’s gift to his school teacher. He shared that when Vaidyanathan was selected for admission in Birla Institute of Technology (BIT), Mesra, he did not have the money to travel to Jharkhand to complete the counselling formalities.

At this juncture, his Maths teacher from school, Gurdial Saroop Saini gave him Rs 500 to travel for the interview. Vaidyanathan went on to study in BIT Mesra and became a successful person afterwards, making a name for himself.

The post shares that Vaidyanathan tried to find his former teacher for several years but as Saini had moved jobs, he could not locate him.

Finally, the bank CEO found his former teacher, who is currently living in Agra, Uttar Pradesh. The post says that Vaidyanathan called Saini and thanked him for the timely help.

Maheshwer ends his post attaching an excerpt from the notice shared by IDFC First Bank which says that Vaidyanathan has transferred part of his shares to his former school teacher.

The post has been liked over 1,800 times and many people are appreciating Vaidyanathan’s gesture.

The incident that happened years ago explains Vaidyanathan’s decision of transferring his shares to Saini.

The notice shared by IDFC First Bank clarifies that Vaidyanathan has done this in his personal capacity and that he and Saini are not related parties as per the Companies Act. The recipient, Saini will pay taxes as per the applicable tax laws.