BPL’s Rajeev not on SBI board
Mumbai—Rajeev Chandrasekher of BPL has decided not to join the State Bank of India board to which he was recently nominated by the government. This is in the face of BPL’s alleged involvement in price rigging.
Besides being a director on the board of BPL, Chandrasekhar is also the chairman of BPL Communications.
Only a week ago, the government had nominated Mr Chandrasekher on the board of SBI. SBI officials said he did not accept the offer.
The Securities and Exchange Board of India had, on April 20, barred BPL, Videocon International and Sterlite Industries from accessing the capital markets for four, three and two years, respectively.
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Entire BankAm investment team recruited by ING Baring
Mumbai--ING Barings has hired Bank of America’s entire India-based investment banking team. Sunil Gulati, former head of corporate finance at BankAm, is now head of investment banking (India) at ING Barings, while Amit Bisaria, Sandeep Sharma and J Vijay Anand are directors.
They are to be joined by the other eight members of the team and will be located in Delhi and Mumbai.
David Hudson, chairman and CEO, ING Barings Asia-Pacific and head of investment banking, Asia said, "We are excited that we could hire the entire investment banking team of Bank of America in India. We look forward to further building on the success of the team by integrating it fully with our Asian investment banking team and providing the necessary support of our international – product and sectoral teams."
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Anne Mulcahy is CEO of Xerox Corp
Stamford (Connecticut)-- Anne M Mulcahy has been appointed the new chief executive officer of Xerox Corp making her one of five female CEOs of a Fortune 500 company.
Mulcahy, who until now was serving as president and chief operating officer, succeeds Paul A. Allaire as CEO from Aug. 1. Allaire will continue as chairman until his retirement at the end of the year.
Mulcahy's appointment is the culmination of a series of high level moves Xerox has made in its efforts to return to its profitable days. Mulcahy's appointment came a day after Xerox posted a second quarter loss of $281 million and a 13 per cent decline in revenue. Shares of Xerox rose 41 cents to $8 in trading on the New York Stock Exchange.
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Amitabh Kant set to be new ITDC CMD
Bangalore-- Amitabh Kant, Kerala’s tourism secretary, will be the new head of ITDC. He has been inducted into the Union tourism ministry as joint secretary and is likely to soon become chairman-managing director of the corporation.
Kant, a 1980 batch Kerala cadre IAS officer, replaces Asha Murthy, a 1976 batch joint secretary in the ministry and officiating as ITDC CMD. While the government directive only announces his appointment as joint secretary, ministry sources said the tourism minister Ananth Kumar is likely to make him the corporation’s chief executive.
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