Three directors of SAIL, NMDC have been suspended with immediate effect for misconduct
Photo courtesy: www.nmdc.co.in
The Steel Ministry has suspended two board officials of steel PSU SAIL and a director of iron ore giant NMDC for alleged misconduct, according to the companies’ exchange documents.
SAIL has also suspended 26 other officials with immediate effect for violating the code of conduct, the steel PSU said in a filing with BSE.
The filing states that the Ministry of Steel has submitted its letters dated January 19, 2024, “in exercise of the powers conferred by sub-rule (1) of Rule 20 of the Conduct, Discipline and Appeal Rules, 1977 of Steel Authority of India Limited, has suspended VS Chakravarthy, Director (Commercial) and AK Tulsiani, Director (Finance) with immediate effect.”
Another PSU NMDC of the Ministry of Steel also announced that its administrative level official, V. Suresh, has been suspended with immediate effect.
“The Ministry of Steel… in exercise of the powers conferred by Sub-Rule 1 of Rule 20 of the Conduct, Discipline and Appeal Rules, 1978 of NMDC Ltd. has placed V. Suresh, Director (Commercial), NMDC Ltd. under suspension with effective immediately,” NMDC said.
SAIL also said that 26 officials under the company’s board have been suspended with immediate effect
“The company has also posted some lower level officers including SK Sharma, ED (F&A), CMC, Vinod Gupta, ED (Commercial), Atul Mathur, ED (Sales & ITD) and RM Suresh, ED (Marketing Services), suspended with immediate effect,” the report said.
In a separate statement, SAIL said the issue relates to some investigations being conducted as per Lokpal’s directions.
SAIL Chairman Amarendu Prakash said, “The company’s affairs are being conducted as usual and this will have no impact on the company’s performance. We are committed to maintaining the highest standards of corporate governance and ethical conduct. SAIL continues to stand strong in the industry focused on quality and customer satisfaction.”
SAIL, under the Ministry of Steel, is the country’s largest steel manufacturing company, while NMDC is India’s largest iron ore producing entity.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: January 20, 2024 | 4:33 PM IST