Global Trust Bank Ltd (GTB) today appointed Pamidi Kotaiah, former chairman of the National Bank for Agriculture and Rural Development (NABARD), and S K Soni, former chairman and managing director, Oriental Bank of Commerce, as additional directors on its board.
At the board meeting held today the resignation of Krishna G Palepu, professor with the Harvard Business School who joined the Board in 1997, was accepted.
Palepu, who was recently appointed as senior associate dean at Harvard Business School, has conveyed that he will not be able to devote this time to the bank consequent to his commitments at the school and hence requested the board to accept his resignation, GTB informed the Bombay Stock Exchange (BSE).
Palepu felt that in the present scenario, GTB needed an active Board and hence requested the board to accept his resignation.
Kotaiah is an expert in the areas of micro and rural finance and has worked with the Reserve Bank of India and the Agriculture Refinance and Development Corporation before joining the NABARD. He was the executive chairman of Nabard from June 1992 to May 1998.
S K Soni, a senior banker had been at the helm of affairs of the Oriental Bank from July 1990 to March 1997. He had also been the banking ombudsman from July 1998 to July 2001 for New Delhi, Haryana, Jammu & Kashmir and the district of Ghaziabad.
Earlier last month, Sridhar Subasri, executive director (ED) and a co-promoter, resigned from the Board. However, he continues to be the ED. A couple of months back, in the backdrop of the failed merger of GTB with UTI Bank due to allegations of price rigging in the GTB scrip, Ramesh Gelli, promoter of the bank, resigned as the chairman and managing director and also from the board.
