Ness Wadia appointed deputy MD of Bombay Dyeing
Mumbai-- Nusli Wadia, chairman of Bombay Dyeing is setting in motion a succession plan.
The Rs 1,042-crore textile major has informed the Bombay Stock Exchange that it had appointed Wadia’s eldest son, Ness Wadia, as deputy managing director.
Thirty-one year old Ness Wadia is also on the boards of other Wadia group companies, namely: National Peroxide, Nowrosjee Wadia & Sons and Gherzi Eastern (a joint venture with a Swiss major).
According to company sources, Ness Wadia joined the business in the mid-nineties as a senior manager in the marketing department. He later studied at Warwick University in the UK. Bombay Dyeing also announced the retirement of S S Kelkar, 61, executive director in charge of finance.
Kelkar's role will now pass on to chief financial officer P S De and the former will carry on as an ordinary director from August 1, 2001. He will also continue to be on the board of Britannia Industries.
Jeh Wadia, 29, the chairman’s second son, is also on the boards of Citurgia Biochemicals and Gherzi Eastern.
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Second recast at GTB
Mumbai--Global Trust Bank (GTB) founder-director Sridhar Subasri has resigned from the board of directors though he continues to be the executive director.
The board of GTB has undergone its second restructuring in less than six months. Sailendra Narain, former chairman and managing director (CMD) of Sidbi, has been inducted as a new director, along with P Kotaiah, former executive chairman of Nabard.
S K Soni, former CMD of Oriental Bank of Commerce has been invited to join the board.
GTB has been on a revamping exercise ever since the resignation of its founder CMD Ramesh Gelli, owning responsibility to the bank's over-exposure to the market in April and appointment of R S Hugar as the new CMD.
Hugar had reshuffled the portfolios of senior executives in May this year. The bank has changed the portfolio of three presidents.
A Anchan, who was president (treasury), has been given additional portfolio of credit and investment banking.
P C Narayan who was in charge of information technology and retail banking has been given the additional charge of operations, while K A Choudhury, who was in charge of credit, will look after the human resources, corporate affairs, accounts and planning.
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