Dredging Corporation of India sacks CEO GYK Victor with immediate effect

Dredging Corporation said GYK Victor is removed from the office of Director as Managing Director and CEO of the company with effect from March 31, 2023 (Image source: https://www.dredge-india.com)

State-owned Dredging Corporation of India on Friday said it has removed GYK Victor as Managing Director and Chief Executive Officer with immediate effect.

The company in a BSE filing said that on July 13, 2022, Victor was suspended by the Chairman as Disciplinary Authority.

"It is informed that upon completion of the disciplinary proceedings initiated against Shri GYK Victor, MD and CEO of the company and submission of the inquiry report by the authority and based on the recommendations of the Nomination and Remuneration Committee...he is removed from the office of Director as Managing Director and CEO of the company with effect from March 31, 2023, by Chairman of the Company in the exercise of his power as Disciplinary Authority," it added.

According to the company filing, it is further informed that approval of the shareholders is being sought for the removal of Victor.