Letter To Ascil Ed

I am K.Sudharsanam, ex-employee of Apollo Sindhoori Capital Investments Ltd, Nanganallur Branch, mailing this letter. You would be aware last month I was asked to resign on the grounds of Non-performance. Before dwelling at length for reasons of poor performance or rather non-performance, I would hereby give vent to my feelings over the treatment meted out to me in getting the resignation letter. On 09-03-2007, I was called by Ms.Geetha Sridhar, who on meeting me immediately asked to hand over my resignation. It came as a bolt from the blue as I never had the slightest inclination of such foreboding even a day before. When I wanted to know the reason for that drastic action she gave a curt reply that it was due to non-performance. She declined to entertain my request any further. All my efforts to seek time for at least a day to put down my papers were proved futile and the unseemly haste with which it was extracted from me made me really sad. I should say here that I was never given a chance to speak out my mind and till date the mental agony and angst I suffer because of that could never be described in words. Veering round to the view of non-performance, I must say here that since I joined ASCIL my role as Branch Manager was not properly defined and in fact no formal training was given before I assumed office in Nanganallur Branch. Since the inception of the branch all spade works were done single handedly by me even though it was promised all help would be extended at the right time. Following are the litany of issues that prevented me from making the branch a successful one from the start. 1) DEMAT ACCOUNT: The issue of demat account opening is a different tale to tell as it invited the ire of most of the clients since from the beginning. It took nearly 2 months for each and every demat account to get it opened even when the documents were filled properly and the needed particulars were fully provided. Day in and day out, clients who filled the applications for demat account opening were puzzled by the inordinate delay the company is making for the enrolment. It is mainly for these reasons active client enrolment was not taking place. And needless to add those who had that bitter experience decried and prevented others from opening the account. Apart from that enrolled clients had the unpleasant experience of poor service from the H.O. For e.g., contract Notes were not received by them in time or else genuine queries were not replied. In one such

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instance an enrolled client who wanted to do online trading and deposited Rs.20000/ waited patiently for months together withdrew his amount later and left in disgust as the required co-operation was not forthcoming from the H.O. I ran from pillar to post to keep him in the client list but to no avail Under these conditions you may well imagine how a branch manager will react to the prospective new clients. But still canvassing was going on without the help of any body with the sole intention of promoting the business. 2) DEALERS: Then with regard to supporting staff such as dealer, no trained person was sent. As a result buy & sell order execution for the clients was met with variety of difficulties which in turn caused great hardship to the branch. This matter was discussed threadbare but before it was resolved some precious times were lapsed. 3) MARKETING: As regards to Marketing activity it is less said the better. Since I took over as Nanganallur Branch Manager there was virtually no marketing person and all the canvassing and enrolling were done by me only. Even though I took this as part of my job, without cooperation from others how could I attain the target? And finally when it was brought to the attention of Ms. Geetha, action was taken during January, 07. And as you know, that happened some 4 months after the branch was opened. It was decided then to organize advertising and mobilize client enrolment for about 3 days. When stalls were about to be put up and permission was granted from the police it was abruptly cancelled for reason best known to oneself. Even the marketing people were kept at dark and unable to do anything they finally left without their mission being fulfilled. Afterwards, it was again back to square one. 4) BROKERAGE: Brokerage was another factor which caused problem to the branch and the clients alike. The mentioned brokerage in the application was sometimes not strictly adhered to and created heartburns to the clients. Till it was reversed and set right they remained disturbed and stayed away from trading. In the meantime market crash, clients’ disenchantment over the services, lukewarm cooperation from H.O., competition from the nearby broking firms have all compounded

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the problem. But I felt these are all transient and could easily be overcome once things started settle down. In spite such great difficulties I loved this job and I had also the confidence that sooner than later I could turn around this branch as I thought it was my baby. Without looking at the root of the problem, finding a scapegoat in me is nothing but ‘barking up the wrong tree’. Had I been given a chance and extended the needed cooperation I would have made a mark with proven result. But the sad part of it all is that, the same swiftness with which my resignation was sought was not shown from your end when handing over the relieving letter, certificates and my salary dues. I made repeated calls about these but I was given a stock reply that they would be sent soon. This shows how well the corporate governance is being practiced even towards the outgoing staff and hence I leave it to your judgment how can a branch be run efficiently if such a harmful attitude persists without caring for the healthy growth of the organization.

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