In a letter to the Indian Bourses, Dredging Corp (Dredging Corporation India Ltd.) has informed that it has suspended GYV Victor, the MD and CEO of the company, from July 13, 2022. The action has been taken on charges of suppression and misrepresentation of facts with respect to his professional and educational experience.
Dredging Corp has suspended GYV Victor, MD and CEO of the company, from July 13, 2022.
The action has been taken on charges of suppression and misrepresentation of facts with respect to his professional and educational experience. In a letter to the exchanges, the company informed that Victor claimed to be an MBA holder from the Indian Institute of Management Services, New Delhi but a probe showed that no such institute exists.
The internal findings further show that Victor obtained permission to do a PhD from Anna University in regular mode but he perused it at another university based in West Bengal. He also claimed to have been simultaneously working in Amareena Consults (based in Tamil Nadu) and Archirodon based in Dubai. The wordings/sentences of the experience certificates submitted by Victor from different organisations were found to be in the same language, as the exchange filing read.
“As such, it has been concluded in the investigation that G.Y.V. Victor is prima-facie not eligible to be considered for the post of MD & CEO as per the criteria set out in the advertisement and that his claims of experience are based on wrongful and willful suppression of material facts and deliberate misrepresentation of tacts.
Chief vigilance officer submitted the detailed report setting out the above along with other observations to the chairman,” DCIL said.
Accordingly, Victor was suspended on 13 July 2022 and got ratified by the board meeting held on 14 July 2022. Further enquiry proceedings will be held and appropriate action taken as per the disciplinary rules of the company.
Meanwhile, DCIL informed that its chief general manager, Capt S Divakar, has taken additional charge of managing director & CEO of the company with effect from 14 July 2022 in place of G Y V Victor.
DCIL is engaged in providing the services of capital dredging, maintenance dredging, beach nourishment, land reclamation, shallow water dredging, project management consultancy, and marine construction.
The company reported a net profit of Rs 1.06 crore in Q4 March 2022 as against a net loss of Rs 106.52 crore in Q4 March 2021. Sales rose 36.44% YoY to Rs 289.09 crore in Q4 FY22.
Shares of DCIL fell 0.26% to Rs 264.85 on Friday, 15 July 2022.
