Bijon Nag took over as the chairman of Rs 400-crore IFB Group of companies and IFB Industries Ltd yesterday. This is in addition to his current portfolio as managing director of the flagship company, IFB Industries Ltd, according to a press release.
Confirming reports that D N Ghosh has expressed his desire to step down from the board of IFB Finance Ltd, as his commitment to the Peerless Group deserved more time, the press release refuted the report in a daily that S M Datta had not attended the board meetings and was also planning to resign from the company's board. "Datta attended the last IFB board meeting on Friday," it said.
Ghosh's desire to resign, however, alludes the fact that organisational and management restructuring in the cash strapped organisation, including the possible merger of IFB Agro and IFB Industries Ltd, is likely to gain momentum.
Only last month, Amal Chakrabortti resigned as the chairman of IFB group of companies. The board is yet do decide on a new member.
As a part of the company's strategy to reduce operational costs, IFB will shift one of its Camac Street offices to the main office.
The company has been incurring Rs 55,000 as expenses in rents alone besides other costs. The company's borrowings had gone up by 72 per cent in the past one year.
