The former chairman & managing director and founder of Global Trust Bank, Ramesh Gelli, on Monday said he has no intention to return to the bank after quitting it about two years ago following the stock market scam.
"I have been off the bank for the past two years. I am now purely an investor and seriously considering what I should do with the 20-odd per cent stake that I myself and my close associates hold in GTB. I hope to take a decision in the next six months to one year on this," he said.
Gelli was responding to enquiries following market reports that GTB is soon to opt for a part-time chairman and he was one of the contenders to the post.
The bank has called for an extraordinary general meeting on March 28 to make changes in the Articles of Association to facilitate appointment of a part-time chairman.
Gelli disclosed that he had bigger ideas in mind which he was 'pursuing with vigour'.
He proposed to promote a new business organisation that will provide management and financial support to turnaround the sick companies. He had initiated work on his new business venture.
"The concept plan of the new business will be ready April-end. The core team and business plan will be in place in about six months. The new venture will provide both management inputs and financial inputs for the sick companies having basic feasibility and market opportunities," Gelli said.
"It will be neither venture capital company nor asset reconstruction company. We will try and help the sick companies in terms of identifying new technology, new products and new markets," Gelli added.
"Though the Joint Parliamentary Committee on the stock market scam has given us the clean chit, I am not interested in coming back to bank.
"That is why I am pursuing with the new assignment. Some multilateral institutions may involve with my new business venture, which will mainly focus on manufacturing sector," added Gelli, who was associated with Administrative Staff College of India before starting his banking career with Vysya Bank.
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