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| Tafazal, Sahibzada likely to become Executive Directors | | Top level changes in J&K Bank on cards | |
Early Times Report
SRINAGAR, Apr 25: With the retirement of two Executive Directors and an Executive President, changes at top level are on the cards in Jammu & Kashmir Bank.
Highly placed authoritative sources told Early Times that first meeting of the nomination committee took place today in the winter capital with the agenda of looking for new incumbents for three senior positions in J&K Bank. Chairman of J&K Bank, Mushtaq Ahmed, Commissioner-Secretary Finance in the Government of Jammu & Kashmir, Sudhanshu Pandey, besides two Directors on Board, namely Abdul Majid Matoo and Rakesh Kumar Gupta, participated in the meeting.
Executive Directors Ashok Kumar Mehta and Abdul Majid Mir are both reaching superannuation in the next two months. Senior President, Ajit Singh, had been promoted to the newly created position of Executive President, with abolition of the post of Senior President, in September last year. He too is scheduled to retire from active service
on April 30th. Some changes and promotions are consequently due in top hierarchy of the bank.
Sources said that Board of Directors had last year accorded sanction to Ajit Singh’s elevation to the higher position of Executive President and, in terms of salary and perks, brought him at par with Executive Director. BoD had also granted extension of one year in Mr Singh’s service beyond his date of superannuation i.e. 30-04-2011.However, a formal administrative order has not been issued by the bank. In absence of necessary approval from Reserve Bank of India, Mr Singh has not been appointed as a full-fledged Executive Director.
Until promoted and appointed as Executive Director and a member of the Board of Directors, Ajit Singh is scheduled to reach the end of his service on April 30th. In that situation, seniormost Presidents, Tafazal Hussain and Sahibzada Ghulam Mohiuddin, are likely to be promoted to replace the outgoing Executive Directors, A K Mehta and
Abdul Majeed Mir. However, in case of RBI approval, which according to sources was now “very unlikely”, a possibility of Ajit Singh’s appointment as Executive Director still exists. In that case, only the seniormost of the six Presidents, namely Tafazal Hussain, is likely to be promoted to the position of Executive Director.
The bank has currently, two Executive Directors (Ashok Kumar Mehta and Abdul Majid Mir), one Executive Director (Ajit Singh) and six Presidents (Tafazal Hussain, Sahibzada Ghulam Mohiuddin, Kuldeep Kumar Sharma, due to retire on 31-05-2011, Pervez Ahmed Nengroo, G A Rego and Abdul Rasheed).
Sources said that certain names were discussed in today’s meeting of the Nomination Committee but no decisions were taken. A separate meeting of the Board of Directors discussed routine business matters.
Director on Board and Commissioner-Secretary Finance, Sudhanshu Pandey, maintained that no decision had been taken till date with regard to successors of the two outgoing Executive Directors. According to him, there was only a routine meeting of the Board of
Directors today that discussed “only routine business matters”.
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