IIMB director steps down as plea for extension rejected

Indian Institute of Management (IIM), Bangalore, director Mr. Sushil Vachani demitted his office two months after he resigned from the post. Mr. Raghavan Srinivasan, senior-most faculty of the premier B-school, took charge of the institute as its acting director. Mr. Vachani took over as the institutes’ director in July, 2014 about a month after the appointments committee of the Union Cabinet cleared his name for the job. Then chairperson of IIM-Bangalore’s board of Governors Mr. Mukesh Ambani, chairperson and managing director of the Reliance Industries Limited, had recommended his name. Mr. Vachani resigned as the institute’s director about two months ago as a recommendation for extension of his service after expiry of his term in office did not find favour from the Human Resource Development (HRD) Ministry, official sources said. Biocon CMD Ms. Kiran Mazumdar-Shaw and chairperson of IIMB’s board of governors had recommended extension of Mr. Vachani’s service last year. The outgoing director of the institute was among the premier-B-school heads who had objected to certain stipulations made in the draft Indian Institutes of Management Bill, maintaining that they would take away the autonomy of the IIMs if passed in Parliament in their current format and brought in force.