CBI chargesheet against ex-IPCL chief Ramanathan
New Delhi: The Central Bureau of Intelligence (CBI) has filed a chargesheet against K G Ramanathan, then chairman and managing director of Indian Petrochemical Corporation (IPCL), Vadodara, and others under various sections of the Indian Penal Code and the Prevention of Corruption Act, 1988, in connection with illegal land purchase for the IPCL township at Vadadla, district in Bharuch at an exorbitant rate, an official release said. The chargesheet was filed in an Ahmedabad court. The others who have been chargesheeted are N Chander, the then director (finance) of IPCL, and a few other individuals.
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Charles Prince will be new Citigroup CEO
New York: Sanford 'Sandy' Weill has said that he will step down as Citigroup Inc’s chief executive by 1 January 2004 and be replaced by Charles Prince, ending years of speculation on who will lead the world’s largest financial services company. Citigroup said Weill, who turned 70 in March, will remain as chairman of the board until the company’s 2006 annual meeting.

It also named Robert Willumstad chief operating officer, also to take effect by 1 January 2004. Prince, 53, has run Citigroup’s global corporate and investment bank since last September, and had been the company’s top lawyer. Willumstad, 57, has run Citigroup’s global consumer operations since December 2000, and has been a Citigroup president since January 2002. “Sandy has a tremendous track record and will be sorely missed in the role of CEO,” said Steve Wharton, who helps invest $60 billion for Loomis Sayles & Co. in New York and owns Citigroup shares.
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