Rediff Logo
Money
Line
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women
Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
Line
Home > Money > Business Headlines > Report
April 10, 2001
Feedback  
  Money Matters

 -  Business Special
 -  Business Headlines
 -  Corporate Headlines
 -  Columns
 -  IPO Center
 -  Message Boards
 -  Mutual Funds
 -  Personal Finance
 -  Stocks
 -  Tutorials
 -  Search rediff

    
      



 
 Search the Internet
         Tips
 Sites: Finance, Investment
E-Mail this report to a friend
Print this page

Stage set for Gelli's exit as CMD of Global Trust Bank

BS Bureau

The stage is set for the exit of Ramesh Gelli as chairman and managing director of Global Trust Bank. In a press released late on Monday, the bank said its board of directors will meet this week and take a decision "to fill in the positions of chairman and managing director with suitable independent professionals," thereby implying that Gelli will not continue in the position.

Sources close to the bank, however, said that Gelli was likely to continue as chairman while stepping down as MD. The press note said the restructuring of the management was aimed at giving a "new look to the organisation and to prepare it for future challenges and opportunities."

The bank said that in accordance with a restructuring study submitted by Hewitt Associates, it had decided to separate the positions of chairman and managing director in July 2000.

At that time, Gelli had expressed his desire to step down from the post of managing director, but this did not come about due to the discussions on the proposed merger with UTI Bank, the release said.

Gelli's term ended on March 31 and the bank board had proposed a three-year renewal. However, of late Gelli who had set up the bank had been under pressure to give up his powers.

Powered by

ALSO READ:
The Capital Markets Crisis
The Rediff-Business Standard Special
The Budget 2001-2002 Special
Money
Business News

Tell us what you think of this report