The finance ministry has decided to review its choice for the next chairman and managing director of state-owned India Infrastructure Finance Company Ltd.
While Deepak Bagla,partner (infrastructure) at London-based fund 3i was the ministrys top choice for the post,it has now decided to follow the advice of the Appointments Committee of Cabinet (ACC) and consider the other shortlisted candidates.
We are looking into the recommendations of the ACC and are in talks with the department of personnel and training, said a senior government official,adding that a decision will be taken soon.
Significantly,the move comes after the ministry,which was understood to be keen on Baglas appointment,had asked the ACC to reconsider its decision.
The ACC had earlier in July rejected Baglas appointment as IIFCL chairman on concerns over conflict of interest and had said that the finance ministry should consider the second candidate chosen by the Search Committee.
Apart from Bagla,former deputy managing director at State Bank of India SB Nayar was second on the list. But since then,he has been appointed as IFCI chairman. RM Malla who is the former chairman of IDBI Bank was the third shortlised candidate.
A wholly run subsidiary of the Government of India,IIFCL was set up in 2006 to finance long term infrastructure projects. Its balance sheet size as on March 31,2013 stood at Rs 35,207 crore. In 2013-14,it has targeted fresh disbursements of Rs 15,800 crore.
The finance ministry had started the selection process for IIFCLs top job in January this year after the retirement of SK Goel. Significantly,Bagla was one of the top contenders for the post even in 2010 when then incumbent SS Kohli retired from IIFCL.