Keeping it clean

The nominations committee of a state-owned lender was to pick part-time directors for its board. Ten people were in contention. However, the panel got cold feet after finding many of the candidates were practising chartered accountants (CA). Recent scandals surrounding public sector banks and CAs, who are seen to be close to companies that often end up being the banks' customers, seem to have played the deterrent. The panel picked only one director, and none of the seven CAs made it. The selection process, we are told, will be undertaken all over again.