The Hindu Business Line : Sudden exit of SCI director shocks many

Mumbai June 24 The sudden exit of Mr S.S. Rangnekar, Director of Shipping Corporation of India (SCI) in charge of liner and passenger services, a year before his retirement age of 60, has surprised many in the shipping circles.

Mr Rangnekar, whose second five-year term as Director expired on March 31, 2007 was given a three-month extension pending clearance from the Appointment Committee of the Cabinet for another term.

But last week, the company informed stock exchanges that Mr Rangnekar ceased to be a Director on its board, as per the communication received from the Ministry of Shipping.

With Mr Ranganekar leaving, two major divisions in the company will remain headless. Bulk carriers and tanker divisions, the highest revenue earning segment, has been without a Director since April.

Added to it will be container and passenger services.

Mr Rangnekar, who is also Chairman of the India-Pakistan-Bangladesh Liner Conference, is considered one of the top-ranking shipping professionals in the country.

He has represented India in many bilateral shipping negotiations and agreements.

He has headed various divisions in SCI and in terms of services and experience, he is the seniormost officer in the company. He is also Chairman of the Indian Coastal Conference and President of the Association of Multi-modal Transport Operators in India.

What has shocked SCI insiders is the way in which a top-ranking professional, who served the company for 31 years, was made to leave.

He was not given even a day's notice, said an SCI official. According to SCI insiders, when Mr Rangnekar was Finance Director, he had objected to the price paid by SCI for two new VLCCs ordered with a Korean shipyard, saying that it was much higher than the market price.

This, they said, had caused unhappiness to some at the decision-making level.

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