The Hindu Business Line : IDFC sets up search panel for new MD

THE board of Infrastructure Development Finance Company Ltd (IDFC), which met here on Tuesday, has decided to set up a `search' committee of its members to look for a new managing director.

The top post at IDFC has been lying vacant after Mr Nasser Munjee had submitted his resignation last month, as he was "unhappy" with the reported move of the Government to bring the company under the umbrella of State Bank of India and water down its autonomy.

According to sources close to IDFC, the RBI stake in IDFC would be taken over by the Government and held by it directly.

It was pointed out at Tuesday's IDFC board meeting that the Government had indicated that there would be no move to water down the autonomy of the company or merge it with SBI. The board was informed that status quo would be maintained for IDFC in regard to its independent functioning.

The Government, which has a 20 per cent stake in IDFC, had reportedly planned to transfer RBI's 15 per cent stake to SBI so as to have a tighter grip on the company and a bigger say in the operations of the Rs 50,000 crore infrastructure fund that was proposed by the Finance Minister, Mr Jaswant Singh, in the Interim Budget.

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