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Mortgage financier HDFC Ltd’s long-standing Chairman Deepak Parekh, 77, Friday announced his retirement after spending nearly 45 years at the corporation.
“It is my time to hang my boots with both anticipation and hope for the future. While this will be my last communication to shareholders of HDFC, rest assured we now stride tall into a very exciting future of growth and prosperity,” said Parekh, the major force behind making the HDFC group India’s leading financial services group.
“The HDFC experience is invaluable. Our history cannot be erased and our legacy will be taken forward,” Parekh wrote in his last letter addressed to the corporation’s shareholders.
It was under Parekh that HDFC not only emerged as a leader in the home loans business but also transformed into a financial services conglomerate with presence in banking, asset management, life insurance, general insurance, real estate venture fund and education loans.
When business families faced troubles or disputes, they looked to Parekh for his counsel.
He was brought to HDFC by the legendary H T Parekh, his uncle and the founder of HDFC. Parekh joined HDFC in a senior management position in 1978 and was inducted as its whole-time director in 1985. He was appointed as the home financier’s Managing Director (designated as Chairman) in 1993.
After retiring from HDFC as the Managing Director on December 31, 2009, he was appointed as a Non-Executive Director of the Corporation with effect from January 1, 2010.
He has served on board of various companies including Siemens Ltd, DP World (UAE), Fairfax Financial Holdings Corporation (Canada) and Economic Zones World FZE (UAE). He is also on the board of National Investment and Infrastructure Fund.
When the Satyam fraud came to light in 2009, Parekh was one of six appointed by the government to rescue the company. He played a crucial role during the restructuring of Unit Trust of India in the late 1990s. Parekh got the Padma Bhushan in 2006.
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