The process of inducting a strategic partner in IFCI would not be affected by the resignations of two top executives sighting conflict of interest."The resignations would not affect the process," CEO and managing director Atul Rai told PTI.He said that as per schedule the names of entities short-listed from 10 expressions of interest received would be announced by September 25.Last week, N Balasubramanian, chairman of IFCI put in his papers before the bids were opened on Saturday citing his conflicting role as adviser to Standard Chartered Bank, which is one of the parties interested in the stake.Subsequently, director Vinayak Chatterjee resigned from the board over his association with bidders. Chatterjee is the chairman of Feedback Ventures in which HDFC and IDFC hold shares. Both HDFC and IDFC have evinced interest in picking up the 26% in IFCI. While IDFC is a stand-alone suitor for IFCI, HDFC has applied in consortium with W L Ross, Standard Chartered Bank and Goldman Sachs.The IFCI board is scheduled to meet on September 20 to ratify the resignations as well as take up other issues. The board meeting will be followed by a shareholders meeting the next day.
