Sinor withdraws resignation from BBB

He had resigned citing ‘despondency’

22/06/2011 MUMBAI: (from Left) Mr. H. N. Sinor, Chief Executive, Association of Mutual Funds in Indian along with Mr. Milind Barve, MD, HDFC Asset Management Co. Ltd and Mr. U.K.Sinha, Chairman, SEBI at the 7th Edition of Mutual Fund Summit held in Mumbai on June 22, 2011. Photo: Paul Noronha

H.N. Sinor, the veteran banker who resigned from the Bank Board Bureau (BBB) on May 12 as a non-official member, decided to ‘re-engage’ with the bureau, the BBB said in a statement on Sunday.

“In what he perceived as inadequate progress that the recommendations of the Bureau were making, and the resulting despondency, he had offered to withdraw his engagement with the Bureau,” the statement said.

“However, following a detailed discussion with Vinod Rai, the Chairman of the Banks Board Bureau, Mr. Sinor has decided to re-engage with the activities of the Bureau, with his usual fervour and vigour,” the statement added.

The BBB has also decided to appoint two ‘alternate' experts,’ former Allahabad Bank chairman and managing director S. Panse and Pradip Shah, former managing director of rating agency Crisil.

These experts will fill in when some of the members are not available.

Apart from Mr. Sinor, the other non-official members of BBB are former Bank of Baroda CMD A.K. Khandelwal and former MD & CEO of Crisil, Roopa Kudva.