DCIL MD removed from post for ‘forgery’

Visakhapatnam: After placing him under suspension for several months, Dredging Corporation of India Limited (DCIL) has finally passed the orders to ‘remove’ G Y V Victor from the post of Managing Director and Chief Executive Officer of the listed company for committing ‘forgery.’

“The decision was ratified by the board and the decision will be informed by convening a meeting of the shareholders later,” Visakhapatnam Port Authority (VPA) Chairman K Rama Mohana Rao told Bizz Buzz on Friday. VPA being the majority stakeholder in DCIL also holds the office of the Chairman of DCIL. Incidentally, Rao retired from service on Friday. DCIL, set up in 1976 is under the strategic control of a consortium formed by four major ports in 2019 on payment of Rs 1,050 crore. The members in the consortium include Deen Dayal Port Authority, Paradip Port Authority and Jawaharlal Nehru Port Authority.

Victor is accused of forging documents to become a contender for the post of MD and CEO after the post was advertised soon after disinvestment of DCIL, a listed company. Rao said Victor had forged an experience certificate and salary last drawn by submitting fake documents and suppressed the fact that he was once dismissed from service from the company in 2000 as a floating staff.

On receipt of anonymous complaints, an internal enquiry was ordered by Rao and the preliminary report was submitted by the Chief Vigilance Officer of DCIL and VPA. Later a comprehensive probe was ordered in which the forgery was confirmed, Rao said.

When contacted, Victor told Bizz Buzz that he had not received any order removing him from the post. He said he had already challenged ‘procedural impropriety’ in suspending him and informed the same to the Chief Vigilance Commission and the Sebi.