Shailesh Sawa to be Group CFO of HCC: Praveen Sood, outgoing finance chief
Shailesh Sawa, CEO-EPC Constructions India will be taking over Sood as the Group CFO of HCC Group of Companies. A consultant has been appointed as interim CEO of Lavasa.
The company in its BSE filing in December had said, "Upon completion of the term of contract, Praveen Sood, Group CFO has ceased to be the CFO and KMP of the company, effective from the close of working hours on December 31, 201 8." The company is in the process of appointing a CFO in accordance with the Companies Act, 2013, it added.
Shailesh Sawa has been associated with the Essar Group since 1994. He has held multiple positions in the group working with India Securities Limited, Essar Power Limited and Essar Oil Limited (EOL).
As CFO of Essar Ports, Sawa played a crucial role in restarting of the refinery project, restructuring Essar Oil Ltd (EOL) financials, managing the fund-raising required for completing the refinery and its further expansion in 2007.
Sood also informed that his role of CEO of insolvent Lavasa Corporation will be taken over by a consultant. He however declined to disclose the name of the consultant. In November 2018, company's operational creditors had initiated Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
Sood who was superannuated on December 31 in an exclusive conversation with ETCFO talked about his time in the company and his future plans.
He reminisces his work experience so far as excellent and full of ups-and-downs. He started with private equity, moved on to handling Qualified Institutional Placements (QIPs) and managed multiple restructuring projects in the company.
Sood also managed overseas acquisitions and handled funding in the company. He had joined HCC as a young 38-year old professional and worked with the company into its transition to manifold business entities.
Sood says it was a “super-experience" working with HCC Group and and he has “no regrets”. He started his stint with the HCC Group as Group CFO in 1997 and continued for the next two decades.
He now plans to work as an entrepreneur and plans to open a private fund to help start-ups.
HCC reported loss of Rs 1,525 crore in July-September 2018 quarter on impairment charge for Lavasa Corporation. Total income of the company also fell to Rs 994.40 crore.