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Damodaran appointed IDBI CMD for 3 yrs

Our Bureau

Mumbai , May 31

MR M. Damodaran has been appointed Chairman and Managing Director of IDBI for a period of three years.

"Mr Damodaran has been appointed CMD at IDBI with effect from June 1, 2004 till May 31, 2007 or until further orders, whichever is earlier,'' said an order from the Finance Ministry.

Mr Damodaran is expected to hold the dual responsibility at IDBI and UTI Asset Management Co Pvt Ltd and Administrator of the Specified Undertaking of the Unit Trust of India (UTI).

For the last eight months, Mr Damodaran has been occupying the top positions at the two other institutions. His term at UTI ends in 2005.

The Finance Ministry had appointed Mr Damodaran as interim Chairman in October 2003 when Mr P.P. Vora retired as CMD.

IDBI is currently in a state of flux and insiders believe that Mr Damodaran should take over full charge for the development financial institution to smoothly convert into a commercial bank.

Though the IDBI (Transfer of Undertaking & Repeal) Bill 2003 was cleared by the previous Lok Sabha for corporatisation of the institution, the new Government is yet to announce a specified date for the commercial bank to commence operations.

Internally, IDBI is working towards October 1 as the deadline for the conversion.

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