Idbi Revamps Brass, Fails To Fill Top Slot

The board of Industrial Development Bank of India (IDBI) has promoted chief general manager (CGM) S G Gulati as an executive director.

S K Kapur, who was appointed the wholetime director on August 1, has been made the chairman-in-charge.

According to sources, the board which met on Saturday was not in favour of making Kapur the acting chairman-cum-managing director (CMD).

As he was made the deputy managing director, he could not be desginated the acting CMD. Sources said the board however did not have any power to appoint a CMD or an acting CMD. The power rests only with the government.

 

National Housing Bank (NHB) chairman P P Vora was the front runner for the CMD's post in IDBI. His candidature has been stuck for some official delay with the Central Vigilance Commission (CVC) and is expected to be cleared anytime now. IDBI has been without a full time CMD since G P Gupta retired.

Though no portfolio has been allocated to Gulati, sources said that he could be in charge of one of the operation department (project finance department). Kapur was in charge of the rehabilitation finance department.

There could also be a portfolio shift among some executive directors and one of the executive directors (EDs) is likely to be transferred to the rehabilitation finance department.

There could be also be some changes in the portfolios of the EDs. The post of the Industrial Finance Corporation of India's (IFCI) chairman will also become vacant as P V Narasimham