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May 1, 2001
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Money > Business Headlines > Report May 1, 2001 |
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IDBI chairman gets 3-month extensionEconomy Bureau Industrial Development Bank of India acting chairman and managing director S K Chakravarti will continue to hold fort for the next three months or till such time a new CMD is appointed. Chakravarti, who was due to retire on Monday, was given an extension on his last day in office. Sources told Business Standard that the extension was given as IDBI does not have another full-time board member. This is the first time in the history of IDBI that the government has failed to identify the head of the institution and given an extension to the existing chief. Chakravarti, former wholetime director of the institution, became the acting CMD after G P Gupta retired on January 31. The finance ministry had recently sent two proposals seeking to appoint a serving executive director as a full-time member on the FI's board so that they can take over from Chakravarti on his retirement, said sources. Interestingly, a third proposal was sent to extend Chakravarti's tenure, sources said. However, IDBI executive director V P Singh-whose case for appointment is in the final stages - was not one of the candidates recommended for appointment as full-time member by finance ministry. IDBI has been without a full-time chairman after G P Gupta relinquished office on January 31 this year. Though the government sought applications for the post of IDBI chief in October, 2000, the appointment process is far from over. Powered by YOU MAY ALSO WANT TO READ:
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