April 18, 2002 | 1155 IST
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Money > Business Headlines > Report April 18, 2002 | 1155 IST |
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Dev Ahuja steps down from Centurion boardBS Banking Bureau Dev Ahuja, the promoter of Centurion Bank, has stepped down from the board of the bank along with two other directors. The other directors who have resigned are V S Srinivasan and Satish Kaura, chairman of Samtel Group. Also, Kanta Ahuja who was an alternate director to Satish Kaura, has ceased to hold office. The two new non-executive directors who have joined the bank are a retired IAS officer and former Comptroller & Auditor General of India, C G Somaiah and Kamlesh Vikamsey. Vikamsey is a chartered accountant and senior partner of Khimji Kunverji & Co. Ahuja still holds around 8.5 per cent stake in the bank. The other stake holders in Centurion are Keppel Bank (17.5 per cent) through Kephinance Investment (Mauritius), Asian Development Bank (10.22 per cent) and IFC (8.36 per cent). Infrastructure Leasing & Financial Services Ltd (IL&FS) and Bank Muscat are in the race to buy out Ahuja's 26 per cent stake in the bank which was held through TCFC Finance Ltd (TFL). Citibank has also completed the due diligence of the bank. The negotiations are being coordinated by the International Finance Corporation (IFC). Centurion Bank is likely to offer more than 26.2 per cent stake to the strategic partner. This is the block of shares owned by TCFC Finance Ltd (TFL), which translates into 40 million shares with a face value of Rs 400 million. According to sources as per the agreement with Ahuja any money which the bank receives above Rs 10 per share on the 26 per cent stake of Ahuja's would go back to him. 20th Century Finance Corporation (TCFC), which had merged itself with the bank in 1998, had an agreement with TFL that the investment company would have a liability of a maximum of Rs 400 million to make good the incremental provisioning on account of non-performing assets. Powered by ALSO READ:
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