BhOB not to renew CEO contract
New Delhi: The Chennai-based Bharat Overseas Bank (BhOB) will not renew the contract of its chairman and chief executive officer (CEO),
G Krishna Murthy whose tenure is coming to an end in April.

The reasons cited by highly-placed banking industry sources are the bank's heavy involvement in the recent scam in the IPOs of IDFC Ltd and Yes Bank Ltd.

BhOB was one among several public and private sector banks in whose branches certain devious investors had opened multiple accounts running into several thousands with the purpose of cornering IPO allotments. After cornering shares from the retail portion through these benami accounts, the investors made huge profits by selling them at a premium soon after allotment.

The bank's board has representatives from its seven institutional shareholders. While Indian Overseas Bank owns 30 per cent of in BhOB, the other shareholders are Bank of Rajasthan (16 per cent), Vysya Bank (14.66 per cent), Federal Bank (10.67 per cent), Karur Vysya Bank (10 per cent), South Indian Bank (10 per cent) and Karnataka Bank (8.67 per cent).

BhOB was set up in 1973 to take over IOB's Bangkok branch, which it still retains besides having another 80 branches within the country.
Back to News Review index page  

POSCO India MD appointed to board
Bhubaneswar: Korean steel maker POSCO has appointed the POSCO India managing director Soung-Sik Cho, as a standing director in the POSCO Board.

A statement said, "This is the first time in the 38-year history of POSCO that the head of an overseas subsidiary has been appointed a board member. This move is reflective of the significance of the POSCO India project in the ambitious growth plans the company has chalked out to establish global leadership."

POSCO India's steel plant project is the largest foreign direct investment in India and the investment proposed is to the tune of Rs51,000 crore.

In 2005, POSCO had registered crude steel production of 30.54 million tonnes with sales of Rs92,800 crore and operating profits of Rs25,300 crore.
Back to News Review index page  

Ted Turner steps down from Time Warner board
Media visionary and founder of CNN, Ted Turner, is stepping down from the board of Time Warner Inc. Time Warner acquired Turner's cable network company, Turner Broadcasting Systems, in 1996.

Ted Turner has complained publicly about being pushed aside at Time Warner and in 2003 he left the post of Time Warner vice-chairman, which he had assumed after selling TBS.

Turner did not speak about the reasons for his resignation. Phillip Evans, a spokesman for Turner Enterprises, Turner's private holding company, said Turner has been wanting to refocus his energies on activities outside Time Warner according to the Associated Press.

Turner has been spending more time in recent years on his philanthropic efforts. Among his interests are the Turner Foundation, which seeks to manage his large land holdings in an environmentally sustainable way and the United Nations Foundation, which he created in 1997 when he donated $1 billion US to the UN.
Back to News Review index page