IFCI director quits few days after Chairman resigns

NEW DELHI: IFCI Director Vinayak Chatterjee on Tuesday resigned from the board over his association with one of the bidders in the stake sale by the firm, barely a few days after its Chairman N Balasubramanian quit over the same issue.

"I have forwarded my resignation today over the potential conflict of interest issue," Chatterjee said.

The resignation follows as Chatterjee is the Chairman of Feedback Ventures in which HDFC and IDFC have stake and both these companies have envinced interest in picking up 26 per cent stake in IFCI, country's oldest financial institution.

Chatterjee, who joined the board last month said the resignation comes into effect from today although he had communicated it to the board verbally on Sunday.

On Saturday, Balasubramanian had put in papers as he was advisor to the Standard Chartered Bank, one of the consortium partner showing interest to become a strategic partner of IFCI.

The spate of resignations comes even as stake sale process is on, with 10 entities submitting Expressions of Interest in this regard on September 14.