The latest set of appointments, however, come with a crucial rider at least for those who have a longer run at the top the performance of these executives will be reviewed after two years. (Representative image)
NEW DELHI: For long, the government has been criticised for giving short tenures to top management of public sector companies as well as in ministries and departments. Slowly, that seems to be changing.
On Wednesday evening, it designated 44-year-old Nitesh Ranjan, a chief general manager at Union Bank of India, as the state-run lender’s executive director. He will be part of the bank’s top management along with Monika Kalia, 48, his counterpart at Bank of India. Ranjan can potentially spend close to 16 years on the bank’s board, and Kalia will only have a few years less, while 50-year-old Debdatta Chand can hope to spend close to a decade on the board of Bank of Baroda (BoB).
Uco Bank gets a new executive director after a year
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Khan, who was chief general manager at Union Bank of India prior to this new assignment, has taken charge Wednesday in place of former executive director Charan Singh, who superannuated exactly a year back. Ajay Vyas is another ED at Uco Bank.
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In a similar exercise, the government has appointed AB Vijayakumar as ED in Bank of Maharashtra, along with 12 other chief general manager/general managers as EDs in various public sector banks.
The government has appointed Ishraq Ali Khan as the executive director at
Uco Bank filling a long vacuum at the top management.
Mishra Dhatu Nigam (MIDHANI) has raised Rs 50 crore by allotting commercial papers to Union Bank of India on a private placement basis.MIDHANI has allotted 1,000 commercial papers (CPs) of face value Rs 5 lakh each and an issue price of Rs 4,95,540 each. The CPs hold tenure of 90 days. Credit rating agency CRISIL has rated the CPs at CRISIL A1+ .
MIDHANI is one of the leading manufacturers of super alloys, titanium & titanium alloys, special purpose steels and other special alloys. The Government of India held 74% stake in the company as of 31 December 2020.
On a consolidated basis, the company s net profit fell 1% to Rs 60.13 crore on a 9% decline in net sales to Rs 187.92 crore in Q3 FY21 over Q3 FY20.
Indian Bank rose 1.15% to Rs 140.75 after the bank said its board accorded in-principal approval for partial or full disinvestment of bank s stake in joint venture, ASREC (India).The bank holds a 38.26% stake in ASREC (India) and the decision to divest stake is part of monetisation of the bank s non- core assets.
Apart from Indian Bank, LIC of India, Bank of India, Union Bank of India and Deutsche Bank are the other shareholders in the company.
ASREC (India) acquires non performing assets (NPAs) from the banks/financial institutions at mutually agreed prices with the objective is to maximise the returns through innovative resolutions strategies. ASREC positions itself as the multi lender ARC in the public sector aiming to earn the confidence of the financial system in the effective resolution of NPAs by operating in transparent manner with flexibility of the private sector.
Read more about MIDHANI gains on issuing CPs worth Rs 50 cr to Union Bank of India on Business Standard. Mishra Dhatu Nigam (MIDHANI) gained 1.44% to Rs 197 after the PSU company said it raised Rs 50 crore by allotting commercial papers to Union Bank of India on a private placement basis.