Posted on April 5, 2023
The board of the Mumbai-listed Dredging Corporation of India (DCI) decided to remove G Y V Victor as the Managing Director and Chief Executive Officer after an investigation report supported allegations that he lied about his education and employment history when applying for the position at India’s largest dredging contractor.
One of the four shareholders of the dredging company and chairman of both DCI and the Visakhapatnam Port Authority, K Rama Mohana Rao, confirmed the board’s choice to fire Victor.
On July 13 of last year, Victor was suspended due to the same allegations while an investigation was ongoing.
The board also agreed to call an annual general meeting (AGM) soon to obtain the consent of all shareholders, including the minority owners, on the decision to fire Victor.
The board considered the Companies Act, which addresses “disqualification and removal,” and the Model Conduct, Discipline and Appeal (CDA) Regulations of Central Public Sector Enterprises (CPSEs), which deals with “removal and dismissal,” before choosing to “remove” Victor.
