Subbu steps down from Hyundai India
New Delhi: B V R Subbu, the president of Hyundai Motors India, has resigned as his tenure has come to an end. Subbu has been with the Korean car-maker since its early days in India and is largely credited with the company's Indian success story.

In a terse official statement on Friday evening, Hyundai managing director Heung Soo Lheem said Subbu would be stepping down from the company at the end of his term on March 31. A statement issued by the company said, "Hyundai acknowledges B V R Subbu's immense contribution from its very inception to the millionth car rolled out recently. Hyundai views B V R Subbu's stepping down from office as an irreparable loss," the statement read.

There was no explanation given as to why Subbu's term had not been extended nor did the statement offer any comment from Subbu himself. Market sources said this may mean that the parting has not been an amicable one. Hyundai is also silent as to who would be stepping into Subbu's shoes.

Widely respected in the industry, Subbu is largely credited with making Hyundai and its various models — Santro and Accent — huge successes. Over the years, he had risen through the ranks to head the Indian subsidiary.
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Gautam Thapar tipped to take over as BILT chairman
New Delhi: Gautam Thapar, currently vice-chairman and managing director, is likely to take over as chairman of Ballarpur Industries (BILT) from L M Thapar.

Gautam Thapar, who was earlier joint managing director of BILT, was elevated to the post of managing director in 1999. L M Thapar, who is now over 75, has spent over four decades running the company.
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M D Mallya appointed BoM chairman
New Delhi: M D Mallya, executive director in Oriental Bank of Commerce, has been appointed as chairman and managing director of Bank of Maharashtra. Allen C A Pereira, who is serving as general manager in Syndicate Bank, will replace Mallya as executive director in Oriental Bank of commerce, an official announcement said on Friday.
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