YM Deosthalee, former chairman of L&T Finance Holdings, has died at the age of 74 in Mumbai.

He is a qualified chartered accountant and holds a degree in law. He joined L&T in 1974. In September 1990, Deosthalee was appointed general manager – finance & personnel.

In 1994, he was instrumental in setting up L&T Finance, a wholly-owned subsidiary. Under his guidance, the company went ahead with two successful GDR issues. He was inducted into L&T’s board of directors in 1995, and six years later was designated, chief financial officer.

On September 6, 2011, Deosthalee retired as CFO of L&T and assumed the office of chairman and managing director of L&T Finance Holdings. He has provided strategic direction and been the key architect in the growth journey of the business.

L&T Finance Holdings became a listed entity on the NSE & BSE under his leadership. He was a member of key regulatory committees and had participated in the formulation of public policy through various platforms.

The media once described Deosthalee as the modern-day exponent of an age-old method of doing business - eliminating risk to maximise profits. Under Deosthalee's leadership, a modern and vibrant treasury was set up in the company, which ranks among the more respected of treasuries in the country. Apart from managing the finances of the group, the treasury has from time to time, raised funds from both Indian and international markets at the most appropriate times.

Since the investor profile of the company changed substantially, an investor relations cell was set up in the company for effectively communicating the company's strategy, performance, and future plans. It was also during his tenure that L&T set up the Risk Management and Shared Service functions. As head of the personnel department, Deosthalee paid considerable attention to the overall development of talent through proactive practices viz. job rotation, 2 formal classroom training on technical as well as behavioral dimensions, increasing responsibilities of executives with potential, and a culture of empowerment.

(Edited by : Jomy)

First Published:Nov 18, 2020 4:55 PM IST