In a severe embarrassment to the Union government, Dredging Corporation of India Ltd (DCI) says it has suspended its managing director and chief executive officer (MD&CEO) GYV Victor for blatantly suppressing facts and making fake claims on his experience criteria for the top post at DCI. Mr Victor was the first MD&CEO appointed after the Union government sold its 73.47% stake in DCI for Rs1,056 crore in March 2019.
In a regulatory filing, DCI says, "...it has been established in the report that there has been blatant suppression of facts, material misrepresentation of facts, fake claims and false claims in support of his experience criteria by Mr Victor in his application and supporting documents. As such, he is prima facie not eligible to be considered for the post."
K Rama Mohana Rao, chairman of DCI, issued the order to suspend Mr Victor, exercising his powers as the disciplinary authority of the company.
There were several complaints about the selection of Mr Victor as MD&CEO of DCI, after which the company asked its chief vigilance officer (CVO) to probe the matter and submit a report. The CVO submitted his report. On 13 July 2022, Mr Victor was placed under suspension, which was noted in the meeting of the board of directors the next day.
Talking about the eligibility criteria for its top post, DCI says, "As per the requirement, the applicant should have worked in a listed company having turnover of at least Rs500 crore in the last three years prior to the date of advertisement. Mr Victor has claimed experience for working in a firm, which belonged to his family and also claimed to have received a salary of Rs50 lakh in the previous year prior to joining DCI whereas the firm had 'NIL' turnover and negligible expenditure towards salary in the last two years as per the documents uploaded with the ministry of corporate affairs (MCA) by the said firm. The firm was not a listed company but only a LLP firm."
"Further, Mr Victor was ealier working with DCI in floating establishment from April 1996 and was dismissed from service in DCI in 2000 on displinary grouds after enquiry. As per the office order dated 2016 of DCI, a dismissed employee cannot be reemployed in DCI in any capacity. He suppressed the material information of having been dismissed from the company in the application and also the attestation forms to be submitted to the company. Further, while he was still in rolls of the company, he claimed to have worked in another organisation, which is against the rules of the company."
According to the release, Mr Victor claimed to have worked in the Amareena group but was only a partner and not working as a director. He also did not have a director identity number (DIN) then. He was allotted the DIN on 26 February 2021 only after joining DCI and showed the same DIN for the Amareena group.
Mr Victor was also found to have submitted fake educational qualifications. "Mr 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," DCI says.
It further says, "Mr Victor obtained permission to do a PhD from Anna University in regular mode, but in contrary, he persued the PhD in regular mode at Jadavpur University based in West Bengal and he was claiming to have also been simultaneously working in Amareen Consults based in Tamil Nadu and Archirodon based in Dubai."
The enquiry by the CVO also revealed that the wording or sentences in the experience certificates submitted by Mr Victor from different organisations were in the same language.
In March 2019, Visakhapatnam Port Authority, Paradip Port Authority, Jawaharlal Nehru Port Authority and Deendayal Port Authority together acquired the Union government's stake in DCI for Rs1,056 crore as part of a strategic disinvestment deal.
Jawaharlal Nehru Port Authority, Deendayal Port Authority and Paradip Port Authority own an 18% stake each in the Vishakhapatnam-based DCI.