NBFC firm Aditya Birla Capital Ltd (ABCL) on Monday said Ajay Srinivasan has decided to step down as MD and CEO of the company and his departure has nothing to do with an investigation into alleged irregularities and corruption.

According to reports, serious allegations of corruption and mismanagement have been levelled by a whistleblower against the company and the top management.

Refuting the allegations, Aditya Birla Capital’s spokesperson said Srinivasan had expressed his desire to take on a new role within the group after having served as chief executive for over 14 years and a new role is being crafted at the group level in consultation with him.

ABCL is the holding company for the financial services businesses of Aditya Birla Group. Subsidiaries of the company include Aditya Birla Sun Life Insurance, Aditya Birla Sun Life Mutual Fund, Aditya Birla Health Insurance and Aditya Birla Finance.

The spokesperson said there have been no employee exits at ABCL and Aditya Birla Sun Life AMC as a fall out of these allegations.