Profile of Central Board Directors
Shri Ajay Seth
Shri Satish Kashinath Marathe
Shri Swaminathan Gurumurthy
Ms. Revathy Iyer
Prof. Sachin Chaturvedi
Shri Sanjay Malhotra
Shri Anand Gopal Mahindra
Shri Venu Srinivasan
Shri Pankaj Ramanbhai Patel
Dr Ravindra H. Dholakia

Shri Ajay Seth

Shri Ajay Seth

Ajay Seth is a member of Indian Administrative Service with most of his professional experience in the domains of public finance, social sector administration, urban transport and infrastructure dealing with matters concerning public expenditure, tax policy and administration, budget, accounts, project appraisal, foreign investments, bilateral and multilateral financial cooperation, development financing, public-private-partnerships, school education, health, urban transport and infrastructure.

Out of his career of 33 years, he has been in the public finance and taxation domains for 18 years and in social sector and urban transport & infrastructure domains for almost 3 years each in different positions in Government of India, Government of Karnataka and Asian Development Bank.

He is a recipient of Prime Minister’s Award for Excellence in Public Administration in 2013, being a member of the team for “transformation of commercial tax administration in Karnataka”.

University of Roorkee and Ateneo de Manila University are his alma maters.

He assumed the position of Secretary-EA on April 15, 2021.

Shri Satish Kashinath Marathe

Shri Satish Kashinath Marathe

Shri Satish Kashinath Marathe started his Banking career in Bank of India. He was the Chairman and CEO of The United Western Bank Ltd. from 2002 to 2006 and CEO of Janakalyan Sahakari Bank Ltd. during 1991-2001. For a brief period, he was associated with the DNBS Ltd. as General Manager.

Shri Satish Marathe is the Founder Member of Sahakar Bharati an NGO in the Co-operative Sector. He is the Founder Director of Centre for Studies & Research in Co-operation, a Foundation registered under Section 8 of Indian Companies Act, 2013 for undertaking Study and Research in the Co-operative Sector.

Presently, Shri Satish Marathe is the Director of the National Cooperative Development Corporation (NCDC), Member, Executive Committee of the National Council for Co-operative Training (NCCT) and President of Pragati Pratishthan, Residential School for the dumb and mute tribal children at Jawhar in Palghar district.

Shri Satish Marathe held various positions like Hon. Secretary of Indian Banks’ Association (2001), Member of IBA’s Managing Committee and also Member of Committee of Economists, Vice President of Private Sector Banks’ Association (2005-06), Member of the High Power Committee constituted by Govt. of Maharashtra in respect of Weak and Sick Urban Co-operative Banks (2001), Director on the Board of Rajkot Nagarik Sah Bank Ltd., Expert Director on the Board of Thane Bharat Sahakari Bank Ltd, Member of Maharashtra State Co-operative Council (1995-99), Director of the Apex Bank of Urban Banks of Maharashtra & Goa Ltd , and Director of National Youth Co-operative Society Ltd.

Born on February 1, 1950, Shri Satish Marathe holds Bachelor’s Degree in Commerce and Law (Gen.) from the University of Bombay. He also holds Diploma in Journalism (Gold Medalist) from Bharatiya Vidya Bhavan.

Shri Swaminathan Gurumurthy

Shri Swaminathan Gurumurthy

Shri Swaminathan Gurumurthy [69] is a chartered accountant and corporate and legal adviser of high standing.

Professional Expertise

Having qualified in the intermediate and final examination of the CA examination in 1972 with all India ranking in both examinations, he has been in practice for the last 42 years.

Shri Gurumurthy is a very well known adviser to many corporates on law and finance and also on macro economic issues affecting corporates. As a professional he has mediated and solved some of the most complex corporate issues.

Academic pursuits

Besides being a professional advisor, he has also been a keen academician. He has been the Visiting Professor of IIT Bombay on Indian models of Economy, Business, Finance and Management. He is presently the Distinguished Professor of Legal Anthropology in Sastra University in Tanjore.

Empirical studies

Being a keen thinker on geo political and strategic issues, he is the vice chairman of the well known strategic think tank in Delhi, the Vivekananda International Foundation.

Being an adviser to many corporates and drawn by larger national interest, Shri Gurumurthy began studying the impact of globalisation on an economy and economic and political culture habituated to command economy.

From 1993, Shri Gurumurthy and his team of volunteers that included economists, chartered accountants and social workers went to several industrial clusters which have come up on their own without state assistance or any establishment prop up including banking and educational institutions. It took them next several years of study to travel to over 40 important industrial clusters Ludhina, Batala, Amritsar, Rajkot, Surat, Baroda, Morvi in the north and west to Tirupur, Namakkal, Karur, Sivakasi and Tutukudy. The study also included the leather cluster in Agra and Kanpur dominated by Dalits. These industrial clusters which including the artisan clusters, numbering over 10000 constituted the backbone of over 50% Indian economy, 60% of manufacturing and exports.

The empirical study uncovered four aspects of the non-corporate economy about which very little was known till then. One, there is intense relation between caste and entrepreneurship. Two, this resulted in communitarian competition which led to entrepreneurship. Three, the castes mobilised and circulated capital and shared information within., Four, the property built by caste in a cluster was shared with other castes instantly as evident from several of the clusters. The study revealed that India was too complex and too vast and too diversified a country for one common policy, particularly without understanding the diversities.

Many of the findings of the study was later supported by the World Bank in its World Development Report. The study team led by Shri Gurumurthy identified relations dominated growth and development of entrepreneurship and business. The study zeroed in on social capital as the major drive of development — an idea which later found expression in the writings of Francis Fukuyama in his famous book Trust. Later many books came to be written on such and similar issues.

The study also revealed the role of the traditional family and the role of women in saving and funding family driven entrepreneurship. This persuaded Shri Gurumurthy to differ from conventional economists whose conviction in theories, he found, were more intense their ground level understanding of the Indian economy.

Journalism and activism

For the last three decades Shri Gurumurthy is highly rated as a journalist for his investigative writings. He has since then ceaselessly campaigned against corruption at high places. He has been a powerful opinion maker in India on issues national importance, particularly in the field of economics. He is now the editor of the famous and powerful socio-political weekly Thuglak in Tamil.

Media rating

Shri Gurumurthy was consistently seen by the media as the powerful from 1990 till now. The Business Baron magazine rated Shri Gurumurthy’s knowledge of economics, finance and accounts as ‘outstanding’. He was rated among 50 most powerful persons in India in 1990 [Gentleman magazine]; as the 8th most powerful [Business Baron magazine 2004]; as the 17th most powerful [India Today magazine in 2005]; as the 50th most powerful person [India Today 2015]; as the 25th most powerful person [India Today 2016] and as the 30th most powerful person [India Today 2017]

Ms. Revathy Iyer
Ms. Revathy Iyer

Ms. Revathy Iyer was a former Deputy Comptroller & Auditor General - Govt. Accounts (December 2013 – May 2014). Prior to this, she was Additional Deputy Comptroller & Auditor General – Eastern States (September 2012 – December 2013) and was responsible for the CAG Audit Reports on the Accounts of the States of Andhra Pradesh, Odisha, Tamil Nadu and West Bengal and Puducherry. During October 2007 -March 2012, Ms. Iyer served as Joint Secretary in the Department of Atomic Energy, Government of India, formulating/ overseeing policy, budget and implementation of the program/activities of the Department.

Ms. Revathy Iyer joined Indian Audit & Accounts Service in 1980 and held positions such as Assistant Accountant General in Maharashtra and Delhi Accounts and Audit offices (1981-1984), Dy. Accountant General/Sr. Dy. Accountant General in the field audit and accounts offices in Delhi, Andhra Pradesh and Madhya Pradesh (1984- 1990), Dy. Secretary (Department of Personnel & Training) (1990-1994), Asst. Comptroller & Auditor General (N) (1994-1996), Principal/Chief Auditor (Central Railway–July1996-July 1998) and Northern Railway (July 1998-March 2001), Principal Director (Staff) (April 2001-March 2003), Minister (Audit) in High Commission of India (April 2003-March 2005), Principal Director of Commercial Audit & ex-Officio Member, Audit Board-II, Mumbai (April 2005-October 2007).

Ms. Iyer was the chairperson of Government Accounting Standard Advisory Board (GASAB) constituted in 2002 to formalize standards of government accounting and integrating the accounting system and procedures in different wings of the Government under the umbrella of Uniform Common Accounting Standards.

Post retirement she worked as a Director Finance & Operations in an International NGO (EngenderHealth) from September 2015 to March 2017.

Born on May 28, 1954, Ms. Iyer holds a Master’s Degree in Chemistry from University of Delhi.

Prof. Sachin Chaturvedi

Prof. Sachin Chaturvedi

Dr. Sachin Chaturvedi is Director General at the Research and Information System for Developing Countries (RIS), a New Delhi-based autonomous Think-Tank. He was also a Global Justice Fellow at the MacMillan Center for International Affairs at Yale University. He works on issues related to development cooperation policies and South-South cooperation. He has also worked on trade and innovation linkages with special focus on WTO. Dr. Chaturvedi has served as a Visiting Professor at the Jawaharlal Nehru University (JNU) and has also worked as consultant to the UN Food and Agriculture Organisation, World Bank, UN-ESCAP, UNESCO, OECD, the Commonwealth Secretariat, IUCN, and to the Government of India’s Department of Biotechnology and the Ministry of Environment and Forests, among other organizations. He has been a Developing Country Fellow at the University of Amsterdam (1996), Visiting Fellow at the Institute of Advanced Studies, Shimla (2003), and Visiting Scholar at the German Development Institute (2007). His experience includes working at the University of Amsterdam on a project on International Development Cooperation and Biotechnology for Developing Countries supported by the Dutch Ministry of External Affairs. He is on the Editorial Advisory Board of IDS Bulletin (UK); and is Editor of Asian Biotechnology Development Review. He has authored and edited nine books apart from publishing several research articles in various prestigious journals.
Shri Sanjay Malhotra
Shri Sanjay Malhotra, IAS Shri Sanjay Malhotra is a 1990-batch Indian Administrative Service officer of Rajasthan cadre. Prior to his joining as Secretary, Department of Financial Services, Ministry of Finance, he was Chairman and Managing Director of REC Limited. He is an Engineering Graduate in Computer Science from the Indian Institute of Technology, Kanpur and has a Masters in Public Policy from the Princeton University. With demonstrated leadership and excellence in his career of over 31 years, Shri Sanjay Malhotra has worked in multifarious sectors including finance and taxation, power, industries, information technology, etc.
Shri Anand Gopal Mahindra
Shri Anand Gopal Mahindra

Shri Anand Mahindra is the Chairman of the Mahindra Group and Mahindra & Mahindra Ltd. His tenure has seen the Group expand domestically and internationally into a range of major industrial sectors from automobiles and agriculture to IT and aerospace. The Group has also grown inorganically through acquisitions such as Swaraj Tractors, Reva Electric Car Company, Satyam Computer Services, Peugeot Motorcycles, Aerostaff Australia, Holiday Club Resorts, and Pininfarina S.p.A.

He has served on several influential bodies, national and international. These include the UN Global Compact Board, Global Board of Advisors of the Council on Foreign Relations, World Bank Group’s Advisory Board for Doing Business and the International Advisory Council of Singapore’s Economic Development Board. He has been the President of The Confederation of Indian Industry and served on the boards of the National Stock Exchange of India and the National Council of Applied Economic Research. He is currently on the board of Invest India, the National Investment Promotion and Facilitation Agency.

Shri Mahindra has been conferred with the Padma Bhushan Award (2020), India's third highest civilian honour for his contribution to the nation in the field of ‘Trade and Industry’. He has been named in Barron's List of Top 30 CEOs worldwide (2016) and Fortune Magazine’s list of the World’s 50 Greatest Leaders (2014). He was a recipient of the Best Transformational Leader Award by the Asian Centre for Corporate Governance & Sustainability (2012). He was appointed ‘Knight in the National Order of the Legion of Honour’ by the President of the French Republic (2016) and conferred the 'Grand Officer of the Order of the Star of Italy', by the President of Italy (2013).

Shri Mahindra is an incisive business commentator and humanitarian with over 8.5 million followers on Twitter. Among his many social change initiatives is the Nanhi Kali programme, which, for the last two decades, has provided over 330,000 under-privileged girls access to high quality education. Shri Mahindra is the Chairman of the Board of Naandi Foundation, India’s leading NGO focused on educating girls, skilling youth and providing sustainable livelihoods to small farmers through biodynamic agriculture. Shri Mahindra also serves on the Founders Board of The Rise Fund, a $2 billion impact fund.

He is a strong votary of arts and culture. Mahindra Blues, Mahindra Excellence in Theatre Awards and Mahindra Sanatkada celebrate and nurture music, theatre culture, art and history in India. Shri Mahindra is the member of the Global Advisory Council of the Lincoln Center, New York and has previously served on the Board of Trustees of the Natural History Museum of London.

In 2014, Shri Mahindra founded the Pro Kabaddi League to popularize the ancient and popular Indian game of kabaddi. The league, televised through the STAR television network, is aimed at creating a new popular fan following for Kabbadi as an antithesis to cricket.

Shri Mahindra graduated from Harvard College (1977) and secured an MBA from Harvard Business School (1981).

Shri Venu Srinivasan
Shri Venu Srinivasan

Shri Venu Srinivasan is Chairman Emeritus of TVS Motor Company, one of the largest two-wheeler manufacturers in the world and Sundaram-Clayton Limited, a leading manufacturer of automotive components in India. He is also the Vice Chairman of Tata Trusts, India’s most respected and largest philanthropic foundation and the majority shareholder of the Tata group.

Shri Srinivasan holds an engineering degree from the College of Engineering, Chennai, India and a Master’s in management from Purdue University, USA.

Shri Srinivasan has held various important positions in the Indian Industry, such as the President, Confederation of Indian Industry and the President, Society of Indian Automobile Manufacturers.

Shri Srinivasan has several prestigious awards to his credit including the Padma Bhushan, the third-highest civilian award of India. The distinguished civilian honour “Order of Diplomatic Merit” (Heung-In Medal) was conferred by the President of Korea for his valuable contribution to promote Korea-India bilateral relations.

Shri Srinivasan was awarded the Deming Distinguished Service Award for Dissemination and Promotion (Overseas) Award (2019) by Japanese Union of Scientists and Engineers (JUSE); the Ishikawa-Kano Award (2012) by the Asian Network of Quality, the apex body for quality in Asia. Under his leadership, his companies were awarded the Deming Prize and the Japanese Quality Medal in 2002.

His commitment of competitiveness and quality of our economy is manifested through his company’s market presence in more than 80 countries across the globe.

Shri Srinivasan’s dedication to the transformation of rural India by empowering women in the rural areas can be seen through his passion towards setting up the Srinivasan Services Trust which has touched the lives of 1.6 million people in 2500 villages across the country in the last 26 years.

Shri Pankaj Ramanbhai Patel
Shri Pankaj Ramanbhai Patel

Shri Pankaj Ramanbhai Patel is the Chairman of Zydus Lifesciences Ltd. a discovery-driven, global Lifesciences company with operations in 55 countries worldwide. A stalwart and a visionary. Shri Patel combines both research and techno-commercial expertise. He has published over 100 research papers in peer reviewed journals and is a co-inventor in more than 64 patents

Shri Patel is on the board of several institutions, including Chairman of IIM Udaipur and Member of the Board of Governors of IIM Ahmedabad and Invest India. He is also a Member of the Governing Board of India Pharmacopoeia Commission (IPC). Ministry of Health & Family Welfare, Government of India. He is also a Member of the CEO Advisory Committee of International Generics and Biosimilars Association (IGBA). Shri Patel is a Past President of the Federation of Indian Chamber of Commerce & Industry (FICCI). He also officiates on the board of several Not-for-Profit & charitable institutions. Shri Patel is the Executive Chairman, Vice President and Trustee of the Gujarat Cancer Society and Chairman of the Gujarat Cancer and Research Institute a Regional Cancer Centre and one of the largest cancer centres of India reaching out to the needy and underprivileged cancer patients. He also officiates as the Chairman of the Deaf and Mute School, Ahmedabad. He is also a Director and Chairman on the Board of Zydus Foundation which set up Zydus Hospital and Medical College Dahod

In recognition of his contributions to the healthcare industry in India, Shri Pankaj Patel is a recipient of several awards including the Acharya PC Ray Memorial Gold Medal Award and the Eminent Pharmacist Award, the India Innovator Award at the India Business Leaders Awards instituted by CNBC For his entrepreneurial vision. He was awarded the Ernst & Young Entrepreneur of the Year Award in the Life Sciences category.

Born at Karamsad Gujarat, on 16 March 1953, Shri Patel holds a Masters in Pharmaceutics and Pharmaceutical Technology from the LM. College of Pharmacy. Ahmedabad.

Dr Ravindra H. Dholakia
Dr Ravindra H. Dholakia
Dr Ravindra H. Dholakia has experience of teaching, research, training and consultancy for about 45 years at IIM Ahmedabad (1985 to 2018); M.S. University of Baroda (1980-1985); and SPIESR Ahmedabad (1977-80). His areas of research interest are macroeconomic policies; growth and development including agriculture, urbanization, labour, productivity, health and education; national and sub-national accounts. He has considerable practical experience of working in high powered policy making and evaluation bodies in India such as Member of the first Monetary Policy Committee of India that decides the policy rates (2016-20); Member of the Sixth Central Pay Commission (2006-08) deciding revision of the pay and pension of more than 10 million employees in India; Member of the High Level Committees on 10th Advisory Board of CAG (2021-23), Assisting the Government for assessment of relief to Bank Borrowers (2020), Leveraging Postal Network in India (2014), Pay Rationalisation and Restructuring for Air India (May 2011- March 2012), Public Expenditure Management (2009-10), and on Savings and Investment Estimation (2008-09) appointed by the Government of India. He also worked as a Member of the Expert Committee on Economic Revival Measures including Fiscal Restructuring in the State Economy Post-COVID-19 Pandemic (2020), Restructuring of the State Public Sector Units (2004-08), the Public Debt Management Committee (2005-06), and the State Public Finance Reform Committee (1998 – 2000) appointed by the Government of Gujarat. Dr. Dholakia has chaired Committees on Financial Sector Statistics (2016-18), Sub-National Accounts (2018-20) appointed by the Ministry of Statistics and Programme Implementation, Government of India, and Cost Saving and Resource Use Optimization in Air India (2013), appointed by Ministry of Civil Aviation, Government of India. He has carried out numerous consulting assignments in the private and public sector companies in India and has done work for the international organizations like WHO, UNICEF, World Bank, UNDP, Hewlett Foundation, United Nations, UN–Mongolia, etc. He has written about 49 monographs, 23 books, and more than 140 research papers published in journals of national and international repute and guided 41 students successfully for doctoral degree. Dr. Dholakia has served as an independent director on the Boards of Gujarat State Financial Services, National Commodity and Derivatives Exchange, Power Finance Corporation, State Trading Corporation, Air India, Union Bank of India, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Transmission, Gujarat State Petroleum Corporation, Gujarat State Fertilizer and Chemicals, Gujarat Industries Power Company, etc.

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