“Once the bids were opened last Saturday and it emerged that IDFC and HDFC have expressed interest, I had to quit as director of IFCI.

“Good corporate governance requires such a move as stake sale process moves to the next step. IDFC has 20 per cent stake in Feedback Ventures and HDFC has 10 per cent stake. I have both IDFC and HDFC top brass sitting on the board of Feedback Ventures,” Mr Chatterjee said.

Feedback Ventures is provider of advisory, engineering, project management and capacity building services to corporates, governments and development organisations in the infrastructure sector.

Hours before the EOI bids were opened on September 15, IFCI Chairman, Mr N Balasubramanian, had quit the Board in the wake of controversy over his alleged “dual role” as chairman of IFCI and advisor to Standard Chartered Bank, which later turned to be a member of a consortium that expressed interest in IFCI.

In all, ten suitors including three consortiums have put in bids at the EOI stage.

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