'Save DCIL' campaign launched

Anonymous complaints that the new appointee is not having a degree qualification are handiwork of vested interests to tarnish the image of DCIL and adversely hit its position in the stock market. The value of the shares has come down slightly, claims DCI Officers' Association President

Visakhapatnam: After a united struggle taken up by the employees of Dredging Corporation of India Limited (DCIL) prevented it from privatisation in 2019, now several officers and floating staff have launched another campaign to counter adverse propaganda unleashed by some of their colleagues to retain its share value.

DCIL Managing Director and CEO GYV Victor was placed under suspension on July 14 by the Ministry of Shipping on the recommendation of Visakhapatnam Port Authority (VPA) Chairman K Rama Mohana Rao on the charge of submitting 'forged' academic and experience certificates to get the plum job. Rao is also the Chairman of DCIL as the VPA holds a majority stake in India's leading dredging company.

Four major ports comprising Visakhapatnam, JNPA, Paradip and Deendayal (Kandla) formed a consortium to pick up 73 per cent stake of Government of India in 2019 on payment of Rs 1,050 crore. After the suspension of Victor, against whom a detailed investigation is going into the allegations already probed by the Chief Vigilance Officer of VPA, Rao, a senior IAS officer convinced a few major ports to lend money to overcome cash crunch.

Rao's decision to appoint Chief General Manager (CGM) Capt S Divakar as the MD and CEO temporarily kicked off a row with few employees launching a campaign through anonymous complaints that the new appointee is not even having a degree qualification.

"Their campaign is handiwork of vested interests. He is a degree holder with rich experience in the dredging sector. He has taken up several initiatives in consultation with the VPA Chairman to wriggle DCIL out of the present crisis," DCI Officers' Association President B Hanuma Naik told Bizz Buzz on Monday.

He alleged that their malafide interest is to tarnish the image of DCIL so as to adversely hit its position in the stock market and claimed that already the value of the shares have come down slightly due to the campaign.

Both the officers' association and the floating staff have joined hands in the campaign for what they term 'Save DCIL.' The mini ratna company, which has its corporate office in Visakhapatnam, has about 800 employees on permanent payroll.

DCI Officers'association said the Chairman has made efforts to put it back on track. Capt Divakar, a senior most officer who served as CGM, has tried to achieve a turnaround in the past two and half months.

Business meetings with almost all major port chairmen were held to get dredging works on nomination basis and sanction loans towards newly built trailing suction hopper dredger (TSHD), secure advances to clear debts and overcome the cash flow issues. Cochin Shipyard Ltd and DCIL signed a contract for construction of a dredger worth Euro 104 million under the Make in India programme in March.

Naik said DCIL has secured Rs 200 crore commitment from promoter ports for construction of the 12,000-cubic-meter capacity TSHD. In addition to this, major ports due to efforts made by the VPA Chairman and DCI MD & CEO are able to get commitment for Rs 300 crore as advance towards various contracts and obtain early closure of Vanoord case with NCLT/CBI, Naik pointed out.