"It's going to be a three-month stint and not an hour longer," said the newly-appointed head of Industrial Development Bank of India (IDBI) S K Kapur, who took over the hot seat on Wednesday. Appointed whole-time director (deputy managing director) of IDBI, Kapur will hold fort for three months till he retires in October-end.
Criticising the way appointments are made in IDBI, Kapur said his priority would be human resource development.
Improving the general morale in the organisation and giving employees freedom of expression weigh high on Kapur's agenda.
His predecessor, S K Chakrabarti, got a three-month extension. Kapur does not intend to "take away the rights of my colleagues to be promoted" by getting extensions. The new chief believes in respecting seniority when it comes to promotion, which he said was curtailed by the present government when it started considering two-year residual service as a prime eligibility criterion for the chairman's post.
Kapur was pleased to be in the limelight as he was heard telling one of his innumerable well-wishers who called up to congratulate him: "The Lord has been kind. Finally I got it". Kapur expected to take charge on May 1, but as Chakrabarti got an extension of three months, and his promotion was correspondingly delayed, he said.
The next in line for the wholetime director's post would be T M Nagarajan, whose tenure will end in September 2002.
With the promotion of Kapur as whole-time director (designated as deputy managing director), the post of one executive director lies vacant. "Whatever injustice has been done will be rectified," said Kapur. S G Gulati, chief general manager, is tipped to be promoted to the post of executive director, if Kapur has his way. "He is a first class candidate and there is a need for good EDs," he added.
"IDBI is too complicated. It would take time for an outsider to understand the institution," he added. He is confident of being able to reorient himself at the earliest, even as the institution passes through difficult times.
He has taken over at a time when the institution is passing through turbulent times. Chakrabarti had successfully resisted the pressure on recapitalising Industrial Finance Corporation of India as well as the proposal for merger of IFCI with IDBI.
Today, the Centre cleared the IFCI bailout package where IDBI will also play a major role. The institution is also playing a crucial role in the Dabhol imbroglio.
