Economic Undertakings

Dredging Corporation suspends MD for forgery and suppression of facts

There . (DCI) suspended GYV Victor from the position of Managing Director and Chief Executive Officer for falsifying documents and suppressing facts.

A DCIL statement also said Victor did not disclose that he had been fired from the public sector company on disciplinary grounds. The revelation of these facts led him to be sacked.

Victor took on the role in March 2021. It was DCI’s first senior management appointment after four major ports bought the center’s stake in the public sector company. Visakhapatnam Port Trust (VPT) holds the largest stake in DCIL, while Jawaharlal Nehru Port Trust, Paradip Port Trust and Deenaayal Port Trust are the other shareholders.

In a separate statement, DCIL said S Divakar, the Chief Managing Director of DCIL, will now assume the additional charge of MD and CEO. P Chandra Kalabhinetri, the Co-Manager (CS) has been given the responsibility of Corporate Secretary, Compliance Officer and key management personnel of the company.

KA Sreekanth, the former company secretary and chief compliance officer, was relieved of his functional responsibilities earlier this month.

According to DCI’s statement, Victor made false statements supporting his experience criteria in his application and supporting documentation during his selection process. “As such, he is prima facie ineligible to be considered for this position,” the DCIL statement read.

The DCIL investigation also revealed that Victor worked with DCI in a floating establishment from April 1996. But he was dismissed from DCI’s services in 2000 for disciplinary reasons after an investigation. Victor allegedly deleted this information, which would have led to his disqualification during the selection process itself, as terminated employees are not permitted to be rehired at DCI in any capacity.

Victor also claimed to have worked as a director within the Amareena Group, but he could not provide supporting documentation. The DCI investigation also revealed that Victor claimed to hold an MBA/diploma from the Indian Institute of Management Services, New Delhi. “After probing the issue in detail, it was found that no such institute existed,” DCI said.

It is alleged that Victor claimed to work for a listed company with a turnover of Rs 500 crores for the past three years prior to the date of the job advertisement. He also claimed to have received a salary of Rs 50 lakhs the previous year before joining DCI. DCI’s investigation also revealed that this information was false.