Two independent directors of IDBI Bank quit after CBI files FIR

New Delhi, May 15

Two independent directors Ninad Karpe and S Ravi have resigned from the Board of state-owned IDBI Bank days after the CBI filed FIR in connection with Rs 600-crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him.

Karpe and Ravi cease to be independent directors of IDBI Bank with effect from May 11 and May 12, respectively, an official said.

These directors had informed the Board, which took note of their resignations on Monday.

The CBI's FIR had also named many officials, including some of the independent directors including these two.

The case pertains to loans of Rs 322 crore and Rs 523 crore given to the companies of Sivasankaran, who was at the centre of Aircel-Maxis probe for alleging that the then telecom minister Dayanidhi Maran had put pressure on him to sell his company to a Malaysian telecom tycoon, a case in which Maran brothers have been discharged by a special court.

The loans later turned non-performing assets or NPAs. — PTI