With a debt of Rs 757 crore weighing on his shoulders and dogged by no less than 43 lenders, Sushil Suri (43), CMD, Morepen Laboratories, has for long been in troubled waters.
There is, however, some encouraging movement in Morepen's Corporate Debt Restructuring (CDR) scheme, which is the RBI-mandated mechanism for dealing with sick companies outside the purview of BIFR (Board for Industrial and Financial Reconstruction) and debt recovery tribunals.
"We have brought in a new set of investors who will take part of the loan from the old creditors and settle about Rs 150 crore of the cash component of our liabilities," says an upbeat Suri. Infusion of "a couple of million dollars" after the CDR process will put the company on the revival path, he adds. For now, Suri is determined to stay put in the company. There seems to be hope yet for Morepen.
Just into his ninth month as the president and Country Manager of Cisco, India and SAARC, Jangoo Dalal has decided to move on. Dalal (42), who was the third employee to be recruited in India by networking major Cisco (today it has more than 2,000 employees), met this correspondent in what eventually turned out to be his last official media interaction and sounded upbeat about Cisco's prospects in India.
Dalal had taken over the post at the network solutions company after a bitter contest within when he had pipped fellow contenders B. Ashok and Sudhir Narang to bag the coveted post.
While Dalal could not be reached for comments, Cisco India said in an official statement: "Jangoo Dalal has put in his papers to pursue other career opportunities" while Naresh Wadhwa, VP (India and SAARC), has been made the interim country head. For Dalal, it's probably time to explore new networking possibilities.
A new deal
It's a role Anil Khandelwal, 59, has slipped into with ease. the banking industry veteran is the new deputy chairman of Indian Banks' Association (IBA).
With more than three decades of banking experience, Khandelwal's expertise will come in handy for the new role. Khandelwal-who is also the CMD of state-owned Bank of Baroda (BoB)-will work closely with his fellow bankers in the 'financial inclusion' space, an area that has drawn the attention of both Finance Minister P. Chidambaram and RBI Governor Y.V. Reddy.
With the turnaround of Dena Bank and a new brand image for BoB to his credit, that would hardly be a challenge for the seasoned banker.
Anil Agarwal (54) is in august company. The Chairman of Vedanta Resources Plc. has recently been nominated among the top 12 Power Givers in the world by the Time magazine.
He is the only Indian CEO on the coveted list and has been honoured for his university education project in Orissa. Agarwal has pledged $1 billion (Rs 4,100 crore) for the world class university and has signed a memorandum of understanding with the Orissa government for the Rs 15,000 crore project.
Agarwal couldn't be reached for comment. Named Vedanta University, the institution will house nine interdisciplinary centres of excellence in areas such as nanotechnology, biotechnology, and information technology. On completion, the university will enroll nearly one lakh undergraduate, masters and doctoral students in 95 disciplines, making it one of the largest universities in the world. By all accounts, a world class project from the mining magnate.
Brent Gosling, 40, has a lot to look forward to as he leaves the confines of London for the first time to be the new Chief Strategy Officer at Lowe India. With the responsibility to watch over the Unilever portfolio, Gosling's mandate includes client responsibilities, and key brand launches and their extensions.
These obviously will feature very high in his life over the next few months. Interestingly, Gosling has spent several years on the other side of the brief, as a copywriter and that, he hopes, will stand him in good stead.
His logic: "A strategy might be great, but may just be barren creatively." Admitting that he is "not one of the ranks of international planners who transport their skills around the globe", Gosling is looking for rewarding times ahead. With an assortment of responsibilities, he surely won't be disappointed.
The IPO effect
P.K. Choudhury, 59, is the man of the moment for ICRA. As the vice-chairman and group CEO of the rating agency, he is charting a whole new course for growth.
ICRA is aggressively foraying into the new businesses of knowledge process outsourcing (KPO), management consulting services and software development. Though reticent on future growth projections, Choudhury says, "The new businesses are growing fast and we are looking at both organic and inorganic growth to scale up operations.
We would look at acquisitions for our software development and KPO businesses." Choudhury is upbeat on ICRA's rating and grading services business and believes that the firm's recent IPO has improved its growth prospects. Getting listed, Choudhury says, will help the company gain greater visibility.
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