DCI MD on denial mode as VPA finds 'evidence'

Visakhapatnam: Visakhapatnam Port Authority (VPA) has submitted a report to the Ministry of Shipping, Ports and Waterways on alleged appointment of CEO and Managing Director of Dredging Corporation of India (DCI), a listed company, by concealing the information at the time of selection that he (CEO & MD) was dismissed from service from the same organisation.

"Action will be initiated based on response as during preliminary probe suppression of information on dismissal from service was established," a senior official of VPA told Bizz Buzz when he was asked to comment on the probe conducted by VPA Chief Vigilance Officer J Pradeep Kumar on the complaint of 'fraud' committed in the appointment of GYV Victor as the CEO and Managing Director of DCI on March 1, 2021, for a tenure of five years.

In the complaint received by VPA, several irregularities were pointed out in the appointment of the DCI CEO and MD, VPA Chairman K Rama Mohana Rao, who acted upon the complaint immediately by asking the CVO to find veracity of truth, is also the Chairman of DCI.

Pradeep Kumar is also the CVO for DCI. The corporation, which has headquarters in Visakhapatnam, was acquired by a consortium formed by major ports of Visakhapatnam, Paradeep, Deendayal (Kandla) and Jawaharlal Nehru (JNPT) by picking up 73.47 per cent equity of the Government of India on payment of about Rs1,050 crore.

When contacted, Victor told Bizz Buzz that he had not concealed any information, while denying wrongdoing. "My selection was made by following all the due procedures required as per Companies' Act by a Selection Committee formed for the recruitment process," he said, while admitting that he was dismissed from service in 2000.

"It happened when I was working as a junior officer as a floating employee on a dredger. As per the recruitment procedures followed for my recruitment, there was no requirement to mention removal from service. I had to go on long leave after giving five reminders to the management to undertake research. I had also offered my resignation before that. However, I was dismissed subsequently over denial of permission to go on leave," he explained.

Victor stoutly denied committing any irregularity and described that there was a conspiracy to tarnish his image by some vested interests. He claimed that despite the controversy, the share value of DCI, a listed company, has remained unaffected. "Rather the shares are gaining appreciation," he stated.