New Delhi, Nov 3: Savji Dholakia who is known for gifting his employees with cars, diamonds, flats and FDs now has been joined by Vaidyanathan Vembu for corporate philanthropy in the time of Diwali.
Vaidyanathan Vembu, Capital First Founder and Chairman gave a token of appreciation to the select people for the contributions towards the company’s growth.
Vaidyanathan gifted 4.29 lakh shares worth ₹20 crore. Of these, 11,000 shares will be given to 23 of his colleagues, 3 former employees and 6,500 shares each go to his five personal staff, including driver and housemaid staff.
About 1.10 lakh shares will be given to his close family members and relatives. Vaidynathan also clarified that none of the gifted people is his heirs or successors. However, the beneficiaries have to pay tax on their gifted shares.
Prior to the gifting shares, Vaidyanathan held 40.4 lakh shares in the company which has now come down to 36.11 lakh shares. Apart from this, he also holds 4.94 lakh shares of Rukmani Social Welfare Trust as the Trustee in the company.