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Date: 26-Jul-2024 Category: Extra Ordinary State: Union Government Country: India

Appointment of Shri Manoj Mittal as Chairman and Managing Director on the Board of Small Industries Development Bank of India (SIDBI)

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Gazette Notification Description

  • This Extraordinary Gazette notification from the Ministry of Finance (Department of Financial Services), Government of India, dated July 26, 2024, announces the appointment of Shri Manoj Mittal as the Chairman & Managing Director (CMD) of the Small Industries Development Bank of India (SIDBI).

Key Changes

  • Shri Manoj Mittal, currently the MD & CEO of IFCI Ltd., has been appointed as the CMD of SIDBI.
  • The appointment is for a period of 3 years from the date he assumes charge, or until further orders, whichever is earlier.
  • This appointment is made under the powers conferred by clause (a) of sub-section (1) of section 6 read with sub-section (2) of section 6 of the SIDBI Act, 1989 (39 of 1989).

Impact Analysis

Impact on SIDBI

  • Uncertainty until new leadership's strategy is revealed: The impact on SIDBI's operations and lending policies will become clearer once the new CMD's strategies are implemented.

Impact on Small Industries

  • Uncertainty regarding future support: Until the new CMD's policies are announced, there may be uncertainty among small businesses regarding future access to funding and support from SIDBI.

Impact on IFCI Ltd.

  • Vacancy in top leadership: The departure of Shri Manoj Mittal creates a vacancy in the MD & CEO position at IFCI Ltd., requiring a succession plan.

Suggested Action Items

  • Assess the impact of the leadership change on IFCI Ltd. and its operations.

Key Entities Referenced

Ministry of Finance (Department of Financial Services): The issuing authority of the gazette notification. Responsible for overseeing financial services in India. Small Industries Development Bank of India (SIDBI): A principal financial institution engaged in promoting, financing and developing industries in the small and medium enterprise (SME) sector as defined by the Government of India. IFCI Ltd.: A development financial institution from which the new CMD of SIDBI was appointed. Shri Manoj Mittal: The newly appointed CMD of SIDBI. SIDBI Act, 1989 (39 of 1989): The act under which the appointment was made.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-26072024-255768 CG-DxLx-xEG-I2D6H0x7x2x0 24-255768 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 2842] नई ददल्ली, िुक्रिार, िुलाई 26, 2024/श्रािण 4, 1946 No. 2842] NEW DELHI, FRIDAY, JULY 26, 2024/SHRAVANA 4, 1946 जित्त मत्रं ालय (जित्तीय सिे ाएं जिभाग) अजधसचू ना नई दिल्‍ली, 26 जुलाई, 2024 का.आ. 2983(अ.).—भारतीय लघु उद्योग जिकास बैंक (जसडबी) अजधजनयम, 1989 (1989 का 39) की धारा 6 की उप-धारा (2) के साथ पठित धारा 6 की उप-धारा (1) के खंड (क) द्वारा प्रदत्त िजियों का प्रयोग करते हुए, केन्‍द रीय सरकार, एतद्द्वारा, आईएफसीआई जल. के एमडी एिं सीईओ श्री मनोि जमत्तल (िन्‍दम जतजथ: 28.10.1967) को काययभार ग्रहण करन े की तारीख से 3 िर्य की अिजध के जलए अथिा अगल े आदिे ों तक, िो भी पहले हो, भारतीय लघ ु उद्योग जिकास बैंक (जसडबी) में अध्यक्ष एिं प्रबंध जनदेिक (सीएमडी) जनयुि करती ह।ै [फा. स.ं 17/04/2020-आईएफ-II] मनोि मुट्टजत्तल अय्यप्पन, संयुक्त सजचि 4636 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 26th July, 2024 S.O. 2983(E).— In exercise of the powers conferred by clause (a) of sub-section (1) of section 6 read with sub-section (2) of section 6 of the Small Industries Development Bank of India (SIDBI) Act, 1989 (39 of 1989), the Central Government hereby appoints Shri Manoj Mittal, (D.O.B: 28.10.1967), MD & CEO, IFCI Ltd. as Chairman & Managing Director (CMD), Small Industries Development Bank of India (SIDBI), for a period of 3 years from the date of assumption of charge of the post or until further orders, whichever is earlier. [F. No. 17/04/2020-IF-II] MANOJ MUTTATHIL AYYAPPAN, Jt. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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