Kapur Reshuffles Idbi Directors, Brass Unhappy

Industrial Development Bank of India (IDBI) chairman-in-charge S K Kapur today reshuffled the portfolios of executive directors of the institution.

The mid-corporate division, earlier handled by A K Doda, has now been split into three divisions. The northern and eastern regions will now be handled by Jayaraman Iyer, the western region by S G Gulati and southern region by V P Singh.

The corporate finance department (CFD-1), dealing with blue chips like Grasim, earlier handled by J N Godbole, is now under V P Singh. The human resources department (HRD), which was under T M Nagarajan, has now been shifted to Gulati. S G Gulati has also been given administration portfolio, earlier with Iyer, and is also in charge of the corporate support and credit monitoring department.

Godbole has been shifted to the rehabilitation finance department (RFD) and credit recovery department, along with merchant banking and corporate advisory. The secondary market operations department, which was under Nagarajan, and investments management department, which was under Doda, have now been shifted to V P Singh. R S Agarwal's portfolio of project appraisal, infrastructure and textile upgradation has been left unchanged.

Discontentment Among Top Brass: Meanwhile, the reshuffle seems to have caused discontentment among the top brass in the institution. There is resentment building up because of the drastic changes in portfolios. "The reshuffle, which is arbitrary, has not gone down well with the top brass," said a senior official of the institution.

The validity of drastic portfolio changes is being questioned by the senior executives as Kapur has a residual tenure of only two-and-a-half months. "These sort of changes should have been left to the permanent chairman and managing director. There was no tearing hurry for such a change. The government has allowed the situation to dip to this level in the institution," said another senior executive.