Dredging Corporation of India (DCIL) CEO and managing director G Y V Victor was suspended pending disciplinary proceedings against him on Wednesday (13 July 2022).
Chairman, Visakhapatnam Port Authority (VPA) and DCIL directed chief vigilance officer - VPA & DCIL (CVO) to enquire into the qualifications, experience and other credentials claimed by G Y V Victor in his application against the advertisement for the post of MD & CEO.
After going through the application, it was established that there has been suppression of facts, material misrepresentation of facts fake claims and false claims in support of his experience criteria by G Y V Victor in his application and supporting documents. As such he is prima face not eligible to be considered for the post.
Victor claimed to be an MBA/diploma holder from India Institute of Management Services, New Delhi, but after probing the matter in detail it was found that no such institute is in existence. The report by CVO of VPA stated that Victor obtained permission to do PhD from Anna University in regular mode but in contrary he perused PhD in regular mode at another university based in West Bengal and he was claiming to have also 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, it added.
"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 wilful suppression of material facts and deliberate misrepresentation of tacts. The detailed report setting out the above along with other observations was submitted by chief vigilance officer to chairman," DCIL said.
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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.
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