Management changes at TTK Prestige
New Delhi: Mr. TT Jagannathan, who was chairman and managing director of TTK Prestige, has decided to step down from the post of managing director. His post will be taken by Mr. S Ravichandran, with effect from April 5.

Prior to the present assignment Mr. Ravinchandran was joint managing director.

TTK Prestige said it had also appointed R Rajagopalachari, an independent professional director, as an independent director and chairman of the Audit Committee.
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Gelli may step down from CMD post at Global Trust Hyderabad: In an attempt to give a new look to its tarnished image, the directors of Global Trust Bank are convening a meeting to fill the positions of chairman and managing director of the bank.

While this points out to a prelude to the exit of Ramesh Gelli as chairman and managing director of the bank, sources close to the bank say that Gelli may continue as the chairman.

The move to separate the positions, the bank said, was in accordance with a restructuring study submitted by Hewitt Associates in July 2000.

Mr. Gelli’s term ended on March 31 and the bank board had proposed a three-year renewal.
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DR Mehta’s replacement search apparently on
New Delhi: In the aftermath of the stock market crisis, the replacement of Mr. D.R. Mehta as head of the capital markets regulator, Securities and Exchanges Board of India (Sebi) was quite expected.

While the finance ministry has made no mention of any apparent change in leadership, rumours are already doing the rounds of the possible candidates for the replacement. These rumours, it is understood, are being spread by those who have been severely affected by the recent stringent action taken by the current Sebi chief, Mr.Mehta.

According to reports appearing in various leading economic dailies, the shortlisting of candidates to take over the sensitive post is proving to be very tricky. Among the several names that have been doing the rounds are senior professionals like Montek Singh Ahluwalia, R H Patil, Y V Reddy, M S Verma, C V Bhave of the NSDL and P J Nayak of the UTI Bank.

Officials of the ministry of finance are said to have preferred either Mr. Bhave or Mr. Nayak, since both are very familiar with the markets. However, some quarters in the government believe that the regulatory body should be headed by a mature regulator.

Mr. Bhave had been with Sebi during the chairmanship of G V Ramakrishna, while Mr. Nayak was the joint secretary handling the capital markets division in the ministry of finance during the same period.

If reports are to be believed, several industrial houses are said to be opposed to the appointment of Mr. Nayak, while Mr. Bhave seems to be more acceptable to a wider spectrum.
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