NARCL APPOINTS NATARAJAN SUNDAR AS CEO

New Delhi, May 31: National Assets Reconstruction Company Ltd (NARCL) on Tuesday said Natarajan Sundar has assumed the charge of MD and CEO of the Rs 6,000crore bad bank. In addition, the company led by Canara Bank said that two independent directors have also joined the board.

Prior to this, Sundar was deputy managing director and chief credit officer of SBI. He retired on April 30, 2022.

He was chosen for the post through a competitive selection process carried out after an open advertisement. Sundar was interviewed in April 2022 by a selection panel consisting of senior bankers from both public and private sectors, NARCL said in a statement.

After his name was recommended by the NARCL board, approval was granted by the RBI on May 24.

The interim MD Padmakumar Nair, who was on secondment from SBI, has since been repatriated to the parent bank.

NARCL has also appointed former MD and CEO of Indian Overseas Bank Karnam Sekar as the independent director and nonexecutive chairman of the board.

Besides, retired executive director of RBI Malvika Sinha joined the board as an independent director last week.

Apart from them, the NARCL board now has five nominee directors from shareholder banks and one more independent director is expected to join the board shortly, it said, adding, with this the board will have its full strength of nine directors.

NARCL has shareholding from 15 Indian lenders and Canara Bank is the sponsor of this Asset Reconstruction Company.

Together with debt management company IDRCL, NARCL is engaged in completing the financial and legal due diligence of the identified accounts for take over from lenders.

In September last year, the government had announced a guarantee worth Rs 30,600 crore to security receipts issued by NARCL. The guarantee is valid for five years.