Kesoram to hold reins of Kesoram for the present
Kolkata: Birla group veteran B K Birla has said that even though Kesoram Industries would be handed over to his grandson Kumara Mangalam Birla eventually, he denied the immediate possibility of stepping down from the position of chairman of the Rs2,500 crore company.

B K Birla said though he wanted to step down from the company, Kumara Mangalam had insisted he stay on as the head of the company as long he is alive.

Uncertain over how long he would be able to lead the Rs8000-crore B K Birla group, Birla said he wanted to lead a peaceful life after the age of 90.

BK Birla has not yet clarified who will get Mangalam Cement or ECE. He did not comment on whether Khaitan might inherit the two businesses, with granddaughter Vidula Jalan inheriting Mangalam Timber.
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Finance ministry against Govt nominees in PSBs' panel
New Delhi: The Finance Ministry is against allowing public sector banks (PSBs) to nominate Government nominee directors as members of the management committee despite a request to do so from many such banks.

While both the Government and RBI nominees were earlier nominated as members of the management committee, the Government had in February this year amended the constitution of the management committee of the board in PSBs to specify that the Government and RBI nominees cease to be members of the committee.

However, the Finance Ministry says there is no reason to exclude the RBI nominee director from the management committee given that the central bank has chosen to replace the serving officers with retired officers/non-officials as nominee directors.

Recently a number of PSBs including Punjab & Sind Bank have been seeing board-level tussles and have urged the Finance Ministry to permit the PSBs to nominate Government and RBI nominee directors on the management committee.

Punjab and Sind Bank had recently submitted to the Finance Ministry that it did not have any professionally qualified director on the board and that the removal of Government/RBI nominee from the management committee has proved to be counter-productive.
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