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KPMG India ED quits, Zee CFO moves in

Baburajan K

KPMG India's executive director (corporate finance) and partner Dhanpal Jhaveri has put in his papers.

Jhaveri, who has spent more than four years with the leading audit and consultancy firm, would join ICICI Securities as the head of its mergers and acquisitions advisory business on April 1.

Meanwhile, Zee Telefilms' chief financial officer Rajesh Jain, who put in his papers recently, is joining KPMG as the head of the corporate finance advisory practice and will be taking over Jhaveri's responsibilities.

Jhaveri's resignation comes at a time when KPMG India and Andersen India are working out a possible merger.

"I am moving to greener pastures and my resignation has no direct relation with the merger," Jhaveri said here on Wednesday.

According to sources, if the merger fructifies there would be some redundancies at the two firms.

Both KPMG India and Andersen India employs around 900 professionals each.

Andersen's country head (corporate finance) Munesh Khanna recently stepped down from the consultancy to join NM Rotshchild.

However, following the merger talks, no senior professionals have left Andersen India, sources claimed.

At I-Sec, Jhaveri would report to Devdatt Shah, managing director and CEO of the ICICI subsidiary.

The position at I-Sec has been vacant since Amit Tandon, former senior vice-president, resigned to join a credit rating agency last year.

Jhaveri, who has worked with Lazard India and started his own company Sigma Capital, was instrumental in the divestment of government stake in CMC and Hindustan Teleprinters. During his regime, KPMG had also advised SabTV, Kuoni in different assignments.

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