IOB, OBC, Indian Bank to get new chiefs
New Delhi: The Finance Ministry has approved the appointments a number of public sector bank heads to replace the bank's chairmen set to superannuate in the next four to five months.

Sources said that consent letters have also been issued for promotion of a number of executive directors (EDs) as chairman and managing directors (CMDs) of various banks.

The Indian Bank CMD, K.C. Chakrabarty, is expected to take over as the CMD of Punjab National Bank from June 1, after the superannuation of the incumbent CMD, S.C. Gupta.

The Indian Bank executive director, M.S. Sundara Rajan, is to take charge as the CMD of the bank after the movement of Chakrabarty to PNB.

The Ministry has also approved the appointment of S.A. Bhatt, currently executive director at UCO Bank, as the next CMD of Indian Overseas Bank in the place of T.S. Narayanasami, who would move laterally as the CMD of Bank of India.

The BOI chairman and managing director, B. Balachandran, is to superannuate in end-April this year.

Oriental Bank of Commerce (OBC) would have a new CMD in Alok Mishra, now the executive director at Canara Bank. The incumbent CMD of OBC, K.N. Prithviraj, is to superannuate in end-March this year.
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Analjit could hike stake in Hutch
New Delhi: Analjit Singh, chairman of the Max Group, who last month decided to step back from the daily operations of his company, Max Healthcare, and take charge of governance, strategy and new businesses for the group is rumoured to be planning to hike his 7.58 stake in Hutch. While Vodafone has emerged the top bidder for the Hutch stake, and has offered partnership to Essar, Singh could be waiting for Essar to exit the company, as was expected earlier.
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Ramki Sundaram appointed CFO Air Deccan
New Delhi: Budget airlines Air Deccan has appointed Ramki Sundaram as its chief financial officer following the resignation of finance director MG Mohan Kumar. An investment banker in the aviation field, Ramki Sundaram, is joining the low-cost carrier from Investec Bank UK.

Mohan Kumar was associated with Air Deccan since its inception in 2003. He will continue to advise Air Deccan in its charter and MRO businesses.
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Sharma to resign as ONGC CMD, to stay on as financial head
Mumbai: RS Sharma will step down from the post of chairman and managing director of ONGC. Sharma had been officiating as the chairman of ONGC since the end of May 2006, when the government decided not to extend the term of his predecessor Subir Raha.

Even though the Public Enterprise Selection Board had selected him for the top job on August 30, 2006, the recommendation was not accepted by the Prime Minister's Office (PMO).

Sharma is also the director (finance) of the company and had earlier said he would continue to function as the ONGC chairman till the new incumbent took charge.
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