eMudhra 's Executive Chairman Venkatraman Srinivasan has categorically dismissed fraud allegations made by 3I Infotech as "pure imagination and fiction," providing detailed explanations during an investor conference call held to address the accusations.

Management's Detailed Response

During the conference call, Srinivasan outlined the historical relationship between the companies and systematically addressed each allegation. The Executive Chairman emphasized that all transactions were conducted through proper procedures with appropriate valuations and board approvals.

Historical Background and Divestment Details

Srinivasan served as Managing Director and CEO of 3I Infotech from 1999 until 2012. eMudhra was originally promoted as a wholly owned subsidiary of 3I Infotech Consumer Services Limited. In 2010, the 3I Infotech Board decided to divest the company as it was primarily in retail digital signature business while the parent focused on enterprise software.

Preference Share Redemption Dispute

The second allegation concerns preference share redemption. The ₹25 crores preference shares were scheduled for redemption in 2015, but the company negotiated a structured payment plan with 3I Infotech due to insufficient accumulated profits.

Legal and Procedural Compliance

Srinivasan highlighted that the original divestment involved eminent board members including H.N. Sinor (former AMFI Chairman) and Vishakha Mulye (ICICI Bank Executive Director). The transaction was based on a Deloitte valuation report and followed all ICICI Limited procedures.

The company maintains that preference share redemption was completed according to the agreed terms, with 3I Infotech accepting the redemption and returning the shares in 2017. All necessary forms were filed with company law authorities.

Current Management Changes at 3I Infotech

The Executive Chairman attributed the current allegations to new management at 3I Infotech, which is now predominantly retail-owned with SREI Infrastructure holding 10-12%. The new management, unfamiliar with historical transactions, has raised questions about deals completed 15-17 years ago.

eMudhra expressed confidence in defending its position through legal proceedings, stating it possesses all necessary evidence including the Deloitte valuation report, preference share redemption documentation, and proof of proper board procedures.

eMudhra Limited's Board of Directors has approved key leadership appointments and re-appointments during its meeting held on February 02, 2026. The decisions, made based on recommendations from the Nomination and Remuneration Committee, are subject to shareholder approval and represent significant developments in the company's governance structure.

Board Resolutions Overview

The board approved three major resolutions concerning director appointments:

Executive Chairman Re-appointment

Mr. Venkatraman Srinivasan's re-appointment as Executive Chairman comes as he approaches his 70th birthday on May 26, 2026. His new five-year term will commence from May 26, 2026. Mr. Srinivasan brings over 40 years of experience in senior positions across financial services and IT industries, with extensive global business understanding gained through worldwide travel.

His qualifications include a bachelor's degree in mathematics from the University of Madras, associate memberships with the Institute of Chartered Accountants of India and Institute of Cost and Works Accountants of India, and qualification as a company secretary from the Institute of Company Secretaries of India. He also completed an Executive Development Programme at Kellogg Graduate School of Management.

New Director Appointments

Kaushik Srinivasan - Whole-Time Director

Mr. Kaushik Srinivasan will assume the role of Whole-Time Director effective April 1, 2026, for a five-year term. He holds a Bachelor's and Master's in Computer Engineering with networking focus from Stevens Institute of Technology, New Jersey, and is a CFA charter holder with over 15 years of experience in technology and financial services.

Since joining eMudhra Limited in 2015, he has led product innovation and development, engineering, and professional services for the company's identity, authentication, Certification Authority and eSignature solutions. He also manages sales functions for the Indian market and was recognized as a Business World 40 under 40 winner for 2024.

Arvind Srinivasan - Director

Mr. Arvind Srinivasan's appointment as Director will also take effect from April 1, 2026, for a five-year term. He holds a Master's degree in finance from the University of Michigan and an MBA from Saïd Business School, University of Oxford, with over 15 years of global market business experience.

Since 2017, he has been working with eMudhra DMCC in Dubai, overseeing international markets for eMudhra's products and services. In his EVP role, he has been instrumental in the company's global expansion beyond India, establishing presence across more than 40 countries spanning five continents.

Family Relationships and Governance

The appointments involve family relationships within the leadership structure:

All three directors have been confirmed as not being debarred from holding director positions by the Securities and Exchange Board of India or any other regulatory authority, as required under BSE and NSE circular requirements dated June 30, 2018.