+
Board of Dredging Corporation removes Victor as MD and CEO
PORTS & SHIPPING

Board of Dredging Corporation removes Victor as MD and CEO

The board of the Mumbai-listed Dredging Corporation of India (DCI) decided to remove G Y V Victor as the Managing Director and Chief Executive Officer after an investigation report supported allegations that he lied about his education and employment history when applying for the position at India's largest dredging contractor.

One of the four shareholders of the dredging company and chairman of both DCI and the Visakhapatnam Port Authority, K Rama Mohana Rao, confirmed the board's choice to fire Victor.

On July 13 of last year, Victor was suspended due to the same allegations while an investigation was ongoing.

The board also agreed to call an annual general meeting (AGM) soon to obtain the consent of all shareholders, including the minority owners, on the decision to fire Victor.

The board considered the Companies Act, which addresses "disqualification and removal," and the Model Conduct, Discipline and Appeal (CDA) Regulations of Central Public Sector Enterprises (CPSEs), which deals with "removal and dismissal," before choosing to "remove" Victor.

Also read:
Mahindra Lifespaces Development sells 9.24 acre of land to Urban Rise
NIT lowers building sanction fees by 50%


The board of the Mumbai-listed Dredging Corporation of India (DCI) decided to remove G Y V Victor as the Managing Director and Chief Executive Officer after an investigation report supported allegations that he lied about his education and employment history when applying for the position at India's largest dredging contractor. One of the four shareholders of the dredging company and chairman of both DCI and the Visakhapatnam Port Authority, K Rama Mohana Rao, confirmed the board's choice to fire Victor. On July 13 of last year, Victor was suspended due to the same allegations while an investigation was ongoing. The board also agreed to call an annual general meeting (AGM) soon to obtain the consent of all shareholders, including the minority owners, on the decision to fire Victor. The board considered the Companies Act, which addresses disqualification and removal, and the Model Conduct, Discipline and Appeal (CDA) Regulations of Central Public Sector Enterprises (CPSEs), which deals with removal and dismissal, before choosing to remove Victor. Also read: Mahindra Lifespaces Development sells 9.24 acre of land to Urban Rise NIT lowers building sanction fees by 50%

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?