Union Bank CMD gets 3 months extension

State-owned Union Bank of India today said the government approved re-appointment of its Chairman and Managing Director MV Nair for a period of three months.

"Appointment Committee of the Cabinet of Government of India has approved re-appointment of Chairman and Managing Director MV Nair, for an initial tenure of three months wef April 1, 2011, or until further orders, whichever is earlier," Union Bank of India informed the Bombay Stock Exchange.

Nair completed his five-year tenure in the bank on March 31, 2011. He was appointed Chairman and Managing Director of the city-based bank in April, 2006.

As per the existing government rule, Chairman and Managing Director or Director are appointed in the public sector entity for a period of five years or up to age of 60, whichever is earlier.

Appointment Committee of the Cabinet (ACC) headed by the Prime Minister Manmohan Singh.

Source: Business Standard