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IDBI’s Two Independent Directors Resign
May 23, 2018
Nirad Karpe and S Ravi who were two of the independent directors on the public sector IDBI Bank’s board have resigned. This comes in just a few days after they had been named in an FIR by the Central Bureau of Investigation (CBI).
In his resignation letter, Karpe said that the proposals were recommended by the management and that the part-time independent directors (PIDs) play only a limited role in the overall process.
Earlier, the CBI had named the two independent directors along with 2 former chiefs K P Kharat and M S Raghavan in a case involving credit disbursal for C Sivasankaran’s firms.
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