State-owned Union Bank of India today said the government has extended the term of chairman and managing director (CMD) MV Nair by nine months.
After consultation with the Reserve Bank, the tenure of Nair has been extended up to March, 2012, the date on which he would attain the age of superannuation, Union Bank of India informed the Bombay Stock Exchange.
Earlier, in April, he was given a three-month extension by the Appointments Committee of the Cabinet, headed by the Prime Minister.
Nair completed his five-year tenure in the bank on March 31, 2011. He was appointed chairman and managing director of the city-based bank in April, 2006.
As per the existing government rules, the chairman and managing director or Director are appointed in public sector entities for a period of five years or up to the age of 60, whichever is earlier.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app