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Ramesh Gelli pins blame on media for his predicament

G Singa Rao

Ramesh Gelli, the principal stakeholder and former chairman and managing director of Global Trust Bank (GTB), has put the blame largely on media for his current fate.

Addressing the shareholders at the annual general meeting (AGM) held here on Saturday, Gelli said, "It was adverse press coverage that affected and tarnished the reputation of the bank. Most of the reports are baseless and some were with a little base. To save the bank from losing its image further, I have decided to take the blame on me as a captain of the team."

Gelli reiterated that there was no violation by GTB of the Banking Regulation Act, no fraud in the bank and no violation of RBI directives.

"The external developments hurt the bank very much and all the shareholders have been disappointed, my disappointment is even more. But let me assure that my conscience is fully clear," he said.

Responding to a number of shareholders request to continue on the board, Gelli said, "Personally, I am feeling the need to introspect and reflect, as to what caused these developments and what could have prevented them. I am, therefore, proposing to step down from the board by not seeking re-election. Let me confirm that no one has asked me to step down and the decision is entirely mine."

Gelli has expressed the confidence that the bank will regain its prosperity and glory within a year with all its strengths and the excellent management team led by R S Hugar. "I will be available all the time for the chairman, board and the management. As the largest stakeholder, I will keenly be watching its progress and would provide every support to make it happen."

With the stepping down of Gelli form the board, GTB shareholders elected T Parimala Anand, Ramesh Gelli's sister obviously to represent the Gelli family interest. A post-graduate in personnel management, Parimala is at present working as chief traffic manager in the Andhra Pradesh State Road Transport Corporation (APSRTC).

Shareholders also elected, Venkappa M Agadi, former chairman and managing director of Parke Davis (India) Ltd, to the board of GTB. Later in the day, the board met and invited P Kotaiah, former chairman and managing director of NABARD, to join the board. K A Swami, former chief justice of Madras High Court was again co-opted as additional director of the bank after the AGM.

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