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Dredging Corporation suspends MD G Y V Victor for forgery and suppressing facts

Posted on July 18, 2022

The Dredging Corporation of India Ltd  NSE 2.88 %. (DCI) has suspended G Y V Victor from the post of Managing Director and Chief Executive Officer for forging documents and suppressing facts.

A DCIL statement also said that Victor had not disclosed that he was dismissed from the public sector undertaking on disciplinary grounds. The revelation of these facts have led to him being sacked.

Victor took charge of this post in March 2021. This was the first top management appointment at DCI after four major ports purchased the centre’s stake in the public sector undertaking. Visakhapatnam Port Trust (VPT) has the largest stake in DCIL while Jawaharlal Nehru Port Trust, the Paradip Port Trust, and the Deenaayal Port Trust are the other shareholders.

In another statement, DCIL said that S Divakar, the Chief General Manager of DCIL will now be holding the additional charge of MD and CEO. P Chandra Kalabhinetri, the Joint Manager (CS) has been handed the responsibility of Company Secretary, Compliance Officer and Key Managerial Personnel of the company.

K A Sreekanth, the earlier company secretary and compliance officer was relieved from functional responsibilities earlier this month.

According to the DCI statement, Victor had made fake claims in support of his experience criteria in his application and supporting documents during his selection process. “As such he is prima facie not eligible to be considered for this post,” the DCIL statement said.

The DCIL investigation also found that Victor was working with DCI in floating establishment from April 1996. But he was dismissed from services in DCI in 2000 on disciplinary grounds after an enquiry. Victor is said to have suppressed this information which would have led to his disqualification during the selection process itself since dismissed employees are not allowed to be reemployed in DCI in any capacity.

Victor also claimed to have worked as a Director in Amareena Group but he could not provide documentation to support this. The DCI investigation also f und that Victor claimed to be an MBA/Diploma holder from Indian Institute of Management Services, New Delhi. “After probing the matter in detail, it was found that no such institute is in existence,” DCI said.

It is alleged that Victor claimed to work for a listed company with Rs 500 crores turnover in the last three years prior to date of advertisement for the post. He also claimed to have received a salary of Rs 50 lakhs in the previous year prior to joining DCI. The DCI investigation also found this information to be false.


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