Vsnl Chief Denied Extension

The government has refused to extend the term of B K Syngal as Chairman and Managing Director (CMD) of Videsh Sanchar Nigam Limited (VSNL) and appointed Amith Kumar, Director (operations) as officiating CMD.

"Last evening, Syngal received a notice from the Ministry of Communications in his Mumbai headquarters requesting him to proceed with his retirement following the expiry of his term on June 30. The Ministry then directed Amitabh Kumar to assume officiating charge from today.", a release from VSNL said today.

Syngal was Chairman and Managing Director of VSNL for a period of seven years from 1991. His five year term expired in 1996 and he was given a two year extension. During this time, he oversaw VSNL's growth from being an overseas switched voice company to an internationally recognised telecom organisation that it is today. During this time, it successfully executed the biggest global depository issue out of India and the largest out of Asia, amounting to $527 million.

Syngal had been interviewed by Public Enterprises Selection Board (PSEB) for another extension and the report submited to the ministry.