Sunil Mittal appointed independent director on StanChart board New Delhi: Sunil Bharti Mittal, Bharti Enterprise chairman has been appointed independent non-executive director on the board of global banking firm Standard Chartered PLC with effect from August 1.

Standard Chartered Bank has also appointed Experian Group chairman John Peace as the deputy chairman and senior independent director. The bank's current senior independent director Rudy Markham would step down with effect from August 1.

Standard Chartered Bank derives over 90 per cent of profits from Asia, Africa and the Middle East and serves both consumer and wholesale banking customers worldwide.

Standard Chartered PLC is listed on London Stock Exchange and Hong Kong Stock Exchange. Back to News Review index page  

Dr Rajinder Kumar appointed president R&D at Dr Reddy's Hyderabad: Dr Rajinder Kumar has joined Dr Reddy's Laboratories Ltd as president, R&D and commercialisation. Dr Kumar is a former president, R&D of Ranbaxy Laboratories and spent a major part of his career at SmithKline Beecham and Glaxo SmithKline where he held executive positions of vice-president and director. He will lead and integrate discovery research, global drug development and commercialisation efforts, including differentiated products. Back to News Review index page  

Oracle business unit appoints top team from i-flex Bangalore: Oracle Corporation, which has a majority holding in i-flex solutions, has announced the formation of a new business unit called Financial Services Global Business Unit (FSGBU) in which the US company has appointed three top i-flex executives.

While Rajesh Hukku, the incumbent CMD of i-flex will head the Oracle FSGBU as the general manager, R Ravisankar, i-flex' CEO for International Operations and Deepak Ghaisas, CEO, i-flex (India Operations) and CFO will join the Oracle FSGBU management team.

According to Oracle, the new business unit will aggregate Oracle's financial services-specific applications offerings and serve as a vehicle for future acquisitions in the financial services sector.

The i-flex board has also approved the expansion of its management team to leverage Oracle's global organisation for the banking industry.

N R K Raman, currently chief operating officer, has joined the i-flex Board as the managing director and chief executive officer. Both R Ravisankar and Deepak Ghaisas have been elevated to the i-flex board as vice chairmen.

Derek Williams, executive vice president of Oracle, will also join the i-flex Board. Makarand Padalkar, currently chief of staff and Head, Investor Relations, will assume the role of chief financial officer, the company said. Back to News Review index page  

Nayak may stay with UTI Bank Mumbai: The UTI Bank board has recommended the name of P J Nayak as the executive chairman of the bank for two years from August 1, 2007. The bank's board made the proposal after a meeting here today.

Nayak, who is the chairman and managing director of UTI Bank, had decided to quit after his term ends on July 31, 2007, as the Reserve Bank of India (RBI) had declined a two-year extension to his tenure as chairman and managing director.

The central bank had also sought to split the post of chairman and managing director at the bank, in line with the Ganguly committee report on corporate governance and international best practices. This was despite the fact that the bank's largest shareholders, Specified Undertaking of the Unit Trust of India (SUUTI -27.47 per cent) and Life Insurance Corporation (10.39 per cent) had cleared extension of Nayak's tenure.

However, Nayak's appointment from August 1 is subject to approval from the RBI, SUUTI and shareholders. Back to News Review index page