Dredging Corporation of India Ltd (DCIL) Managing Director and Chief Executive Officer, Prof. Dr. G.Y.V. Victor, was suspended from his duties recently, pending disciplinary proceedings.
The order was issued by DCIL Chairman, Mr. Shri K. Rama Mohana Rao.
According to an official company statement, Mr. Victor had made false claims in support of his experience criteria in his application and supporting documents during his selection process.
Regarding this, and many other related topics, we caught up with the Chairman of DCIL and Visakhapatnam Port Trust (VPT), Shri K Rama Mohana Rao, to find out more about the latest developments within the Indian dredging giant.
DT: Please tell us more about the new incumbent in your company?
Shri K. Rama Mohana Rao: Capt. S. Divakar, Chief General Manager, who has taken over the additional charge of Managing Director and Chief Executive Officer of DCIL, started his career in the company as a cadet in 1987 and served onboard dredgers in different capacities for about 22 years.
Gaining rich knowledge and experience on complete operations of different type of dredgers, he served for about 12 years in senior management level.
Having worked for 34 years in both onboard dredgers as well as onshore on very responsible positions, he gained unique expertise of both operations as well as techno-commercial aspects of business acumen.
DT: What steps are you planning to take to regain the trust of your clients?
Shri K. Rama Mohana Rao: DCIL is in service sector and the steps undertaken in the last 10 days have helped in bringing back the lost momentum back to DCIL and winning the confidence and trust of our clients.
Further, I would like to add here that regular review meetings have been conducted to monitor and enhance the dredgers performance 24/7 and there is a new zeal among the employees who would now like to play an important part of this changing work culture in shaping New Corporate Policy of DCIL by working six days a week.
DT: Our readers would like to find out more about the market fluctuations of DCIL share over the past few months?
Shri K. Rama Mohana Rao: I am happy to inform that the uncertainty is over and DCIL has bounced back more strongly and it is now business as usual in the organisation.
The positive steps taken in the last 10 days have regained the investors’ confidence in DCIL.
The company’s share that was trading around Rs 250 ($3.13) plus at the begining of this month has moved to Rs 272 ($3.4).
This is the proof that DCI fundamentals are very strong and now DCI is on the growth trajectory.
DT: What are your plans to tackle the huge fuel escalation costs in the last months which are badly affecting the margins of DCIL?
Shri K. Rama Mohana Rao: In DCIL total turnover, the expenditure on fuel is around 40% and lately with a huge escalation of fuel prices globally, I have requested the Ministry for an amendment in fuel variation clause with all the major Ports.
This will help the company immensely to compensate the present fuel escalation without incurring losses on account of fuel escalation.
DT: We do understand that the current liquidity position of DCIL is very challenging. What measures will you undertake for early restoration of DCIL financial stability?
Shri K. Rama Mohana Rao: I have already taken immediate steps to improve the financial stability at DCIL.
I am happy to inform your readers that Visakhapatnam Port Trust and Paradip Port Trust have agreed to infuse Rs 50 Crore ($6.25 million) each to DCIL in form of working advance, while New Mangalore Port Authority and Deendayal Port Authority may also agree to extend Rs 100 Crore ($12.5 million) each as working advance to DCIL.