Singh, the Chairman and Managing Director of Spicejet Airlines, got 49 votes against the 15 that his rival Rohit Jainendra Jain of Delhi polled in the election which had observers from AIBA as well as the Sports Ministry to monitor the proceedings.
While AIBA was represented by its Oceania Zone Vice-President Edgar Tanner, the Ministry had deputed Sports Authority of India Director Sushmita Jyotsi as observer. Jyotsi also expressed satisfaction with the process after the results were announced.
He bought back his share last year when the company was in dire straits and steered it towards profits. Singh is one of the Vice Presidents in the Uttarakhand Boxing Association.
He was a late entrant to the race and sources said Singh had the backing of the Indian Olympic Association (IOA), which however, did not depute any observer for today's proceedings despite requests by IOC and the AIBA.
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"We have plans to start a boxing league and have international competitions. We will formally seek affiliation from AIBA," he added.
Maharashtra's Jay Kowli was elected the Secretary General, garnering 48 votes against the 12 by his nearest rival Lenny D'Gama of Goa. The third candidate in the fray, Haryana's Rakesh Thakran, fetched only 4 votes.
At that time, he was the Secretary General of Boxing India, which was dissolved following a revolt by the state units.
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AIBA Observer Tanner said he was satisfied with the conduct of elections.
"It was a very well conducted election and very fair election. I will be reporting to AIBA that the Indian boxing federation is back up and running. We can expect strong showing once again from Indian boxers at international competitions," he said after the counting of votes.
The next step for the new body would be to take formal affiliation from AIBA. The world body is expected to do the formalities during its Congress in December.
"AIBA is going to have a Congress in December when Indian boxing body's affiliation will be taken up. Vis-a-vis IOA not having sent any representative to elections AIBA had written two letters and also persuaded IOC to write to IOA. AIBA was very concerned about India," said Kishan Narsi, who headed the ad-hoc committee which was administering the sport until now.
The build-up to the elections was a turbulent one. AIBA extended deadlines multiple times due to internal squabbling among the Indian administrators. Just days before the polls, Presidential candidate Rohit Jainendra alleged corruption in the conduct of the polls, a charge that was denied by the ad-hoc committee.
Besides, Railways Sports Promotion Board and the Services Sports Control Board expressed unhappiness at being left out of the process after they refused to take affiliation from BFI citing non-recognition from sports ministry.
The administrative mess in Indian boxing dates back to 2012 when the erstwhile Indian Amateur Boxing Federation was terminated for "manipulation in elections".
The logjam took a massive toll on the sport and there has been no National Tournaments in the period.
The boxers have also been denied exposure in most of the training-cum-competition tournaments, which were a major contributor in their success in the 2008 and 2012 Olympics.
Only three men managed to make the cut for the Olympic Games in Rio last month and none could fetch a medal, while none of the women boxers could even make the cut for the showpiece event.