Presidential chaos

trouble brews with assocham funds’ diversion

Rana Kapoor is not an unknown name in Mumbai circles. His phenomenal rise in the banking sector took him to the post of Chairman of Yes Bank. Kapoor is the de jure boss of the bank but it is reported that the de facto boss is a powerful politician of Maharashtra. Kapoor has been the President of Assocham for the last two-and-a-half years. Assocham is a very prestigious industry body which interacts with the government on behalf of its members. Sunil Kanoria is the Senior Vice President of Assocham while the Vice President is Sandeep Jajodia. The immediate past President is Rajkumar Dhoot and a well-established name, DS Rawat, is the Secretary General of the body. According to sources, the reports of Kapoor’s dominance are not very encouraging. The time has come for a new President of Assocham but Kapoor is reportedly reluctant to announce an election and relinquish charge. Moreover, members are aghast to learn that Kapoor reportedly transferred fixed deposits worth  Rs. 200 crore to Yes Bank. This money had been kept by Rawat for contingency purposes. According to sources, Rawat and members of the body are disenchanted with the working style of Kapoor who is allegedly on a spending spree with the hard-earned money of Assocham members. It is difficult to stop Kapoor as he has the support of bhau (big brother), the Maharashtrian leader. g

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