Srinagar, Mar 4 (GNS): The uncertainty surrounding the appointment of Zubair Iqbal as JK Bank’s first Managing Director has ended after nine months and a week.
While Reserve Bank of India (RBI) had been dragging its feet over sending clearance for his appointment all these 40 weeks, the Government has withdrawn the name of Zubair from the Board of Directors of Jammu and Kashmir Bank.
“Pursuant to regulation 30 of SEBI (listing obligations and Disclosure Requirements) Regulations, 2015, we wish to intimate that Mr Zubair Iqbal, Govt. Nominee Director (DIN:08742685) has ceased to be the director on the board of the Bank consequent opon withdrawal of his nomination by the government of Jammu and Kashmir.”
In May last year, J&K administration had appointed Zubair as a full-fledged first Managing Director of J&K Bank after a rigorous process of selection overseen by a high level 3 member committee under chairmanship of Tapan Ray, Ex Union Corporate Affairs Secretary, Dr. Arun Kumar Mehta, Financial Commissioner, J&K, Anand Madhukar, OSD in Department of Financial Services, Ministry of Finance, (GoI).
With Zubair’s removal, Jammu and Kashmir Bank now has 10 persons on the Board of Directors including RK Chhibber, Executive Director-cum-Chairperson, Arun Kumar Mehta, Financial Commissioner (Finance), Nitishwar Kumar, Principal Secretary to the Lieutenant Governor, Rigzian Sampheal, Anil Kumar Misra, Vikram Gujral, Rajiv Lochan Bishnoi, Monica Dhawan, Naba Kishore Sahoo and Mohammad Ishaq Wani.
Barring Chhibber, who is Executive Director-cum-chairperson, all others are Non-Executive Non-Independent Directors, Non Executive-Nominee Director and Non-Executive-Independent Directors.
Zubair had served JK Bank for 15 years in different critical assignments and was Heading Marketing & Research Cell at the time of switching to HDFC bank in the year 2004. After serving HDFC bank for about 16 years, he joined JK bank as Managing Director in May last year. He has a total of nearly 32 years of experience in banking. (GNS)
