Government nominates two directors to IFCI board
05 Jan 2013
The government has nominated two directors to the board of the cash-strapped IFCI Ltd (previously known as The Industrial Finance Corporation of India).
The move follows the government raising its stake in the domestic financial institution (DFI) to 55.57 per cent, after the cabinet approved the conversion of debentures worth Rs923 crore that it held in IFCI into equity, in August.
This resulted in the government's satke in IDCI being raised to 55.57 per cent.
The government has nominated Anurag Jain, joint secretary, department of financial services in the finance ministry, and V K Chopra, deputy secretary, IFCI said in a regulatory filing in the BSE.
Four existing members have already stepped down from the board. They are are: Sanjeev Kumar Jindal, Shobhit Mahajan, Atul Ashok Galande and S Shabbeer Pasha.
Further changes may take place soon.
The decision to restructure the board was taken late last night.
.webp)
