1) Mr. Arun Duggal – Chairman
Mr. Arun Duggal, ex MD& CEO – Bank of America, is an experienced international banker advising Corporates, major Financial Institutions and Private Equity Firms on Financial Strategy, M&A and Capital raising activities.
Mr. Duggal had a 26 years career with Bank of America, mostly in the U.S., Hong Kong and Japan, his last assignment being as Chief Executive of Bank of America in India from 1998 to 2001. He is a Mechanical engineer from the prestigious Indian Institute of Technology, Delhi and holds an MBA from the Indian Institute of Management, Ahmedabad. He teaches Venture Capital & Private Equity course at the Indian Institute of Management, Ahmedabad, as a visiting Professor.
2) Mr. Birendra Kumar - Managing Director &CEO
Mr. Birendra Kumar, Managing Director & CEO of International Asset Reconstruction Company Private Limited (IARC) has been a career banker with about 4 decades of rich and diverse experience in commercial, investment & international banking in India and abroad. He was the Deputy Managing Director & Chief Credit Officer of State Bank of India, the largest public sector Bank in India. Prior to that, he was the MD&CEO of SBI Capital Markets Limited for a period of over three years.
Mr. Kumar has wide experience in the stressed asset sector, having been Advisor, Financial Advisory Services, PwC, Mumbai from 2002 to 2007 wherein he was instrumental in initiating and leading Business Recovery Services (Distressed Debt Advisory) practice of PwC in Mumbai. He was actively involved in advising ARCs on positioning strategy, formulation of business plan and operationalisation strategy and in developing policies and procedures.
Mr. Kumar has served on several Expert Groups set up by the Reserve Bank of India and Government of India. He was a Special Invitee nominated by RBI on the in-house working group set up to examine issues pertaining to development of market for asset securitization and for high level meeting convened by Government of India in January 2002 on setting up the first Asset Reconstruction Company. He was the member of the PwC team for undertaking a study on behalf of Asian Development Bank and Government of India to suggest regulatory changes for creating an enabling environment for successful functioning of Asset Reconstruction Companies in India.
Mr. Kumar was the member of Key Advisory Group set up recently by the Government of India to study and recommend measures to improve the functioning of ARCs. He is currently the Chairman of Association of ARCs in India.
3) Mr. Sunil Varma, Chairman - Audit Committee
Sunil Varma qualified as a Chartered Accountant as well as a Cost and Management Accountant. After the initial years of his career in the manufacturing sector in line accounting positions, he moved into management consulting and has had extensive consulting experience over a period of 40 years with Price Waterhouse Management Consultants and the IBM Consulting Group, specializing in management and business-process consulting. Sunil has worked in a number of countries in Africa and the Asia Pacific region including Australia, Indonesia, Hongkong, Thailand and China. He was the Partner responsible for establishing and developing the Price Waterhouse consulting practice in Indonesia and was head of the Price Waterhouse consulting practice in Greater China until 1994. He was also the Vice-President and Principal responsible for the IBM Consulting Group in India for two years.
He has extensive experience in both public and private sector organizations and consulting to government. He has been involved with a large variety of consulting engagements covering organizational strengthening and development, financial management, efficiency and effectiveness reviews, process re-engineering and business systems implementation. The consulting work has involved a cross-section of industries in particular, oil and gas, fertilizers and chemicals, public utilities, steel, ports and retail. He has conducted and/or supervised several very large assignments for public sector organizations, funded by World Bank, Asian Development Bank and other multi-lateral funding agencies.
In the past ten years, he has been involved with advising a number of private companies both as a consultant as well as a Director. Amongst others, he was the CFO and Managing Director of Asia Online Limited, Hong Kong and Interim CFO of HCL-Perot Systems, India. Mr. Sunil Varma is also an Independent non-executive Director and Chairman of the Audit Committee of inter-alia, Shriram City Union Finance Ltd., HKT Limited and HKT Management Limited.
4) Mr. Vikas Nanda
Mr. Nanda is the Business Head, India and Managing Director of Bibby Financial Services (India) Pvt. Ltd., a company engaged in provision of factoring services. During his 30 years of experience, Mr. Nanda has worked primarily in the areas of Corporate Marketing, Credit, Structured Trade Finance, International Trade and Banking Operations and has managed many major corporate and bank relationships.
Having started his career with State Bank of India, Mr. Nanda was promoted as Chief Manager responsible for Project Uptech in August 1991. Between January 1995 and February 1997, he was with American Express Bank; first as Director, Corporate Banking and then as Corporate Banking Head, at Kolkata. Between March 1997 and March 2001, he was with Bank of America; first as Corporate Banking Head and then Vice President, Asia Financial Institutions Group, Mumbai. In April 2001, he joined Foremost Factors, New Delhi, as its Managing Director & CEO and continued until September 2006, whereupon he joined Bibby Financial Services (India) Private Limited, as its Managing Director.
5) Mrs. Ranjana Kumar
Mrs. Ranjana Kumar, ex- Vigilance Commissioner – Central Vigilance Commission (CVC) and ex-CMD, Indian Bank and NABARD, is a professional banker with rich and diverse experience of around 40 years in Domestic and International Banking.
Mrs. Kumar, under her chairmanship, was instrumental in turning around Indian bank from a loss making entity riddled by huge NPL losses, into a successful bank during her tenure from 2000 to 2003. Prior to this, she held concurrent charge as chairperson of Canara Bank in 1999 and as Chief Executive Officer of Bank of India’s U.S. Operations, where she procured for Bank of India, ‘strong’ rating from the Federal Reserve 1998 for the first time in the bank’s 20 years’ history.
She has been recipient of various awards, notable being, ‘BMA Management Woman Achiever of the Year Award 2008-09’, ‘Banker of the Year 2002’ by Business Standard, ‘Best Professional Manager - 2003’ from Financial Express, and was acclaimed ‘India’s turn around Queen – Nov. 2003’ by The Economist, UK. She is on the Board of, inter-alia, Tata Global Beverages Limited, National Stock Exchange of India Limited, GVK Power & Infrastructure Limited and Andhra Pradesh Paper Mills Ltd.
6) Mr. Praveen P Kadle – Nominee Director, Tata Capital Financial Services Limited
Mr. Praveen Kadle is the Managing Director & CEO of Tata Capital Limited, a wholly owned subsidiary of Tata Sons Limited. An Honours Graduate in Commerce & Accountancy from the Bombay University, Mr. Kadle is member of the Institute of Chartered Accountants of India, Institute of Cost & Works Accountants of India and Institute of Company Secretaries of India.
Mr. Kadle has been working with the Tata Group for the last 17 years, first being Chief Financial Officer of Tata’s Joint Venture with IBM in India for five years, then with Tata Motors Limited as Vice President (Finance). In 2001, Mr. Kadle was appointed as Executive Director – Finance and Corporate Affairs on the Board of Tata Motors Limited. During his tenure with Tata Motors Limited, Mr. Kadle played a major role in the turnaround and growth of Tata Motors, and was also instrumental in the turnaround and financial restructuring of Tata Finance Limited. Prior to joining Tata Group, Mr. Kadle was CEO and member of the Board of Garware-Wall Ropes Limited.
Mr. Kadle is a member of the Board on various Tata and non-Tata companies, and is actively involved with various public charitable institutions notably as the Board Member and Honorary Treasurer of Child Rights & You.
Mr. Kadle has been awarded with several recognitions for his contribution to Tata Motors Limited, prominent being ‘CNBC-TV 18’s Country’s best performing CFO in the Auto & Auto Ancillaries sector for 2006’, ‘The Best CFO of the year 2005 in India’ by Business Today, ‘CFO of the year 2004’ by IMA (formerly known as Economist Intelligence Unit) etc.
7) Mr. Anish Modi
Mr. Anish Modi has more than 20 years of experience in investment and financial services sector. He is currently Managing Partner, Arth Capital which is an independent private equity firm focussed on control and special situations in the mid-market Indian Companies.
Until recently, Mr. Modi was Partner at ADM Capital, which is a Hong Kong based special situations fund. He was also the MD&CEO for India Debt Management Private Limited, which was the India based NBFC of ADM Capital. He led ADM Capital to be a premier special situations investor in India. Mr. Modi was instrumental in successfully originating and consummating deals in some of the better known special situations investments in India. He has done deals in sectors such as cement, utilities, textiles, logistics, paper and engineering.
Prior to ADM, Mr. Modi worked as a Director, Corporate Advisory, Merger and Acquisitions at Lazard India. Prior to Lazard, he was Head Debt Capital Markets at Kotak Mahindra Capital Company (the then Goldman Sachs JV company in India). He has also worked with the Reserve Bank of India.
Mr. Anish Modi has a Master's in Finance from London Business School and a Master's in Economics from the Delhi School of Economics.
8) Mr. G Srinivas – Nominee Director, ICICI Bank Limited
Mr. G Srinivas is senior General Manager, Risk Management Group at ICICI Bank and based in Mumbai responsible for risk management pertaining to credit, market, operational risk & risk reporting across domestic and international operation, risk analytics and Basel implementation. Mr. Srinivas has about 20 years experience in financial services sector and with ICICI Group, primarily in the area of risk management.
Mr. Srinivas is an Electrical Engineer from Indian Institude of Technology, Chennai and MBA fron IIM Lucknow.
9) Mr. Jimmy Tata – Nominee Director, HDFC Bank Limited
Mr. Jimmy Tata has done his Master of Financial Management from Jamnalal Bajaj
Institute of Management and is also a Chartered Financial Analysts from the Institute of Chartered Financial Analysts of India. Mr. Tata has experience of 25 + years in the Banking and Financial sector.
Mr. Tata commenced his career in 1987 as a Consultant in Strategic Consultants Pvt Ltd. In 1989 he joined Apple Industries Ltd and the last position held was Head – in the Wholesale Leasing and Hire Purchase Division. Mr. Tata is associated with HDFC Bank since 1994. He joined as a Relationship Manager in Corporate Banking Department and over the years was promoted as Head of the Corporate Banking Department. In June 2013 he was appointed as Chief Risk Officer of HDFC Bank.
Mr. Tata is a Trustee on the HDB Employees Welfare Trust.
10) Mr. Madhukar R. Umarji
Mr. Madhukar R Umarji was Chief Advisor – Legal of the Indian Banks’ Association for the last twelve years and has rich experience in banking and other financial sector related laws.
A post-graduate in Law from Bombay University, Mr. Umarji represents a unique combination of experience as Legal Adviser of Banks (Bank of Baroda and Dena Bank), operational banker (Dena Bank and Corporation Bank) and a Central Banker as Executive Director, Department of Non-Banking Supervision, Reserve Bank of India. He has been actively involved in the process of financial and banking sector reforms in India undertaken by the Ministry of Finance and has represented the banking industry on various Committees and Working Groups set up by the Government and RBI, including Dr. J J Irani Committee on Reforms in Company Law. He was also member of the Bankruptcy Law Reforms Committee and Task Force for setting up Resolution Corporation. He was involved with the United Nations Commission on International Trade Law in preparation of Legislative Guide on Model Law for Secured Transactions, as a delegate from India and also UNIDROIT in preparation of Model Law on Lease of Movables. Sixth Edition of his book on SARFAESI Act has been published last year.