India’s leading industrialists on Thursday poured tributes on banker Narayanan Vaghul who passed away on May 18.  

The list of those who spoke at a memorial function organised here, either in person or through a video-recorded message, included Azim Premji, Anand Mahindra, Baba Kalyani (who was present in person), Lakshmi Mittal, Suresh Krishna Kiran Mazumdar Shaw, Ajay Piramal, Naudhad Forbes (in person) and Dr Pratap Reddy and Sajjan Jindal. 

V Vaidyanathan, Managing Director and CEO, IDFC First Bank (who was once with ICICI Bank that Vaghul helmed), broke down while speaking, as he recalled how Vaghul fostered “next-generation leaders”. Zarin Daruwala, CEO, Standard Chartered Bank, who sent a video-recorded message, also suffered a quiver in her voice as she recalled her interactions with Vaghul. 

Father figure

Baba Kalyani, who said he had known Vaghul for 45 years, said that the late banker was “like my father” to whom he could go to Vaghul “for any issue”. Observing that Vaghul could speak on any subject, he said that their discussions even covered astrology and ayurveda. 

Sandeep Batra, Executive Director, ICICI Bank, recalled that the bank once requested Vaghul to address the board (long after Vaghul had retired). The board listened to Vaghul with rapt attention as he spoke on a variety of subjects ranging from “artificial intelligence to Bhagawat Gita.” 

In their recorded messages, Azim Premji said that Vaghul was a “selfless man” who had an affecting sense of humour, while Lakshmi Mittal said he was “generous to a fault”. 

Gentle mentor

Gopal Srinivasan, Chairman and Managing Director of TVS Capital Funds, said that Vaghul – who, incidentally, started India’s first venture fund, ICICI Ventures – was a great but a “gentle” mentor. 

Melvin Goldman, ex-World Bank executive, who is regarded to be the founding father of the venture capital industry, recalled in a recorded message Vaghul’s coming to the US and learning about venture capital business. Vaghul wanted Goldman’s help. When Goldman said that he wanted to start a venture capital business in India by himself, Vaghul said, “In India, there is room for many”. This was in 1988, Melvin said. 

Others who spoke included former Ashok Leyland Chairman R Seshasayee and SEBI chairperson Madhabi Puri Buch  (formerly MD and CEO, ICICI Securities), who ended her speech saying “Mr Vaghul, thank you”. 

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