Meet Our Directors

Mr. Ashok Kumar Goel - Chairman

Mr Ashok Goel

Mr. Ashok Kumar Goel, age 49 years, has been associated with the Company since incorporation as a Director and is the Chairman of the Board of Directors. Mr. Goel is the Vice Chairman and Managing Director of Essel Propack Ltd. He is an experienced businessman who also guides the management of the Essel Group's existing leisure properties, viz. EsselWorld and Water Kingdom.

He has led the turnaround of an engineering tools company in the Essel Group and has achieved manufacturing efficiencies. In July 2005, the renowned publication The 'Smart Manager", after in-depth research spread over three years, rated Shri. Ashok Kumar Goel as "one of the 25 truly world class managers from India".

Shri. Goel is on the Boards of various organizations including Solid Containers Ltd, East India Company (Trading) Private Ltd, ITX Trading And Financial Services Private Limited, ItzCash Payment Solutions Limited, Essel Propack Limited, Indian Association Of Amusement Parks And Industries.

Mr. Naveen Surya - Managing Director

Since joining the Essel Group 20 years ago, Naveen Surya has been known for revolutionizing electronic payment solutions in India. Backed by 17 years of experience in the finance industry, he introduced India’s first ever Multi Purpose Cash Card,the ItzCash Card.

Mr. Surya launched the ‘ItzCash Card’ in 2005 under the aegis of  the Essel Group enabling customers to conduct seamless, safe, and simple financial transactions without the age-old constraints of time, space, and location.

Under his leadership, Itz Cash Card Limited has won national and international accolades including “Innovative Use of Technology”, “Best General Purpose Spending Card Program” and “the Most Innovative Prepaid Program” of the year 2008 for the “Octroi Automation Program”.

Currently he is also on boards of ITX Trading And Financial Services Private Limited, ItzCash Payment Solutions Limited. In the past he has been associated with TCS as a Management Consultant, where he worked on projects with ACC, GE Capital (UK) and UBS (Japan).

Born and brought up in Jodhpur, he completed his graduation in Commerce and Law from the city; followed by a Company Secretarial Course from the Institute of Company Secretaries of India.

Mr. Surya also dons the hat of being the chairman of Payment Council of India at the Internet and Mobile Association of India (IAMAI) and is an active member of Prepaid International Forum (PIF) and a former member of GIRO Committee of RBI.

He is an avid reader and a sports buff; and also actively contributes to social causes like Child Education, Support to Orphans, Animal Care and life impacting diseases like Epilepsy.

Mr. Mukund Manohar Chitale - Independent Director

Mr. Mukund Manohar Chitale

Mr. M. M. Chitale, a fellow member of the Institute of the Chartered Accountants of India is a renowned professional having standing of more than 35 years and is a partner of Mukund. M. Chitale and Co., an ISO 9001-2000 certified firm. The said firm provides services in the area of auditing, tax consultancy and management consultancy to various banking, insurance and manufacturing firms.

Mr. Chitale holds directorship in many renowned Companies viz.Larsen and Toubro Limited, ONGC Mangalore Petrochemicals Ltd, L&T General Insurance Company Limited. Mr. Chitale has been associated as the Chairman of the Governing Council of Banking Codes and Standards Board of India. He is also the Chairman of Ethics Committee of Stock Exchange, Mumbai. He is a member of  the Advisory Board on Bank, Commercial and Financial Frauds, of the group for Amalgamation of Urban Co-operative Banks and also of the Supervision of NABARD.

In the past, Mr. Chitale has also served on boards of ONGC, IDBI Bank Ltd, LIC Housing Finance Ltd, SBI Mutual Funds Trustee Co. Pvt. Ltd, etc. Mr. Chitale has held various positions in professional bodies such as President of The Institute of Chartered Accountants of India in the year 1997-98 and member of The International Auditing Practices Committee of The International Federation of Accountants from January 1998 to June 2000.

In addition, Mr. Chitale has served in various committees such as member of The Committee for Collective Investment Schemes appointed by SEBI (Dr. S.A. Dave Committee), member of Working Group on Restructuring of Weak Public Sector Banks appointed by RBI (Verma Committee),and member of Committee on Procedures and Performance Audit of Public Services appointed by RBI (Dr. Tarapore Committee).

Mr. Chitale, an avid reader was associated with the M.M. Kundnani College of Commerce and Economics and Sydenham College of Commerce and Economics as part time faculty. He has presented papers on subjects such as accounting, auditing, Corporate Governance, banking and quality controls at various seminars and conferences held at national and international levels.

Terms of appointment of independent directors

Mr. M. R. Umarji - Independent Director

Mr. M.R.Umarji

Mr. M. R. Umarji is the Chief Advisor-Legal to the Indian Banks' Association. He has been associated with the banking industry for the past 35 years and he represents a unique combination of rich experience as legal advisor, operational banker and a central banker (retired Executive Director, Reserve Bank of India). He is associated with the process of legislative reforms for the financial sector and was a member of many committees and working groups set up by the Ministry of Finance and the Reserve Bank of India, such as Andhyarujina Committee for banking sector reforms and J.J. Irani Committee for Simplification of Company Law. He has also been on the boards of Itzcash Payment Solutions Limited and Uniparts India Limited.

Mr. M. R. Umarji is included in the Indian Delegation to the United Nations Commission on International Trade Law (UNCITRAL) for preparation of legislative guide on Model Law for Secured Transition. He has regularly contributed articles to the Economic Times and other journals and has published a book on "Secured Transactions Law in India".

Terms of appointment of independent directors

Mr. Mohan Tanksale - Additional Director

Mr. Mohan Tanksale

Mr. Mohan Tanksale is a Fellow member of the Institute of Cost& Management Accountants of India (FCMA) having a rich experience of more than 40 years in the banking sector. He is a Director of BFSI Sector Skill Council of India, a Company set up to bring leading organizations of the BFSI industry together to create strategies and operational plans that will create standardized skill requirements for the various job roles in the industry.

Prior to BFSI, Mr. Tanksale was Chairman and Managing Director (CMD) of Central Bank of India. He has also been an Executive Director of Punjab National Bank and an erstwhile General Manager of Union Bank of India.

Mr. Tanksale has been conferred with several awards, distinctions and accolades during his rich career. He won the GOLDEN PEACOCK HR EXCELLENCE AWARD 2012, PERSON OF THE YEAR for his contribution to Financial Inclusion by SKOCH Foundation, to name a few.

He currently serves on the Board of BFSI Sector Skill Council of India, New Opportunity Consultancy Pvt Ltd and Ramuka Capital Markets Limited.

Mr. Tanksale is enriched with a Bachelor degree of Science, a Master degree in English Literature and professional credentials like Fellow member of the Institute of Cost& Management Accountants of India (FCMA); Company Secretary (Inter) of the Institute of Company Secretaries of India; CAIIB.

Mr. Avnish Bajaj – Nominee Director

Mr. Avnish_Bajaj

Avnish Bajaj is the founder and Managing Director of Matrix Partners India which is an investment firm with Rs. 4500 cr under management. Matrix India invests across multiple stages of businesses in various sectors such as Financial Services, Healthcare, Infrastructure, Education, Internet, Mobile, Media and Entertainment etc. Previously Avnish was the co-founder, Chairman and CEO of India's largest online marketplace - - which was acquired by eBay. Prior to Baazee, he was an investment banker with the technology group at Goldman Sachs in New York and San Francisco. He was also a management consultant at McKinsey and Co. and started his career with Apple Computer in the Bay Area.

Avnish currently serves on the Board of Matrix India portfolio companies, ItzCash Card Limited, Ola; Quikr; Practo; Cloudnine etc. He is also an investor and advisor to Cleartrip (online Indian travel agent), Pangea3 (Legal Process Outsourcing business), Pinstorm (Search Marketing company) and Indus Biotech (biotech products company).

He is a Baker Scholar from Harvard Business School, WARF Fellow from University of Wisconsin - Madison and a top ranked Graduate in Computer Science from the Indian Institute of Technology, Kanpur.

Mr. Bejul Somaia – Nominee Director

Mr. Bejul Somaia

Mr. Somaia is the Managing Director of Lightspeed Advisory Services India Pvt. Ltd. which advises Lightspeed Venture Partners, a leading global venture capital and growth equity firm with $2B under management. Mr. Somaia has fifteen years of operating, entrepreneurial and investment experience in the US and India and his background and interests encompass technology and technology-enabled businesses. In addition to Itz Cash Card, Mr. Somaia currently serves on the boards of U. P. Twiga Fiberglass and Indian Energy Exchange.

Previously, Mr. Somaia was Joint Managing Director of Twiga Fiberglass, a leading manufacturer of thermal and acoustic insulation solutions in India and a partner of Saint Gobain, one of the largest building materials companies worldwide. He was also a co-founder of Openlist (acquired by MCHX), a management consultant with Bain and Company and an investment banker with Salomon Brothers.

Mr. Somaia holds a BSc (First Class) in Economics from the London School of Economics and an MBA from Harvard Business School.