State-owned steel maker, Steel Authority of India Ltd (SAIL) on Saturday (January 20) said the Union Ministry of Steel has suspended VS Chakravarthy, Director (Commercial), and AK Tulsiani, Director (Finance).
The suspension is in accordance with Rule 20 of the Conduct, Discipline, and Appeal Rules, 1977, according to a stock exchange filing,
"...it is hereby informed that Ministry of Steel, Government of India vide its letters dated 19 January 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 placed V.S. Chakravarthy, Director (Commercial) and Shri A.K. Tulsiani, Director (Finance) on suspension with immediate effect," the company said.
Further, SAIL has extended the suspension to Below Board Level Officials, including S.K. Sharma, ED (F&A), CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD); and R.M. Suresh, ED (Marketing Services).
These suspensions are effective immediately, and the company is expected to conduct a thorough inquiry into the matter, it said.
"It is further informed, that complying with the Ministry of Steel, Government of India, letter dated 19 January 2024 the Company has placed some Below Board Level Officials of the Company, which include S.K. Sharma, ED (F&A), CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD) and R.M. Suresh, ED (Marketing Services), on suspension with immediate effect," the company added.
Sources privy to the developments told CNBC-TV18 that SAIL's Director (Commercial) Chakravarthy and Tulsiani, Director (Finance) were suspended after Lokpal of India concluded that both led to monetary loss to SAIL and helped certain private players.
Lokpal of India has directed CBI or DSPE to begin further investigation against Chakravarthy and Tulsiani, sources close to the development said.
Shares of Steel Authority of India Ltd ended at ₹114.95, up by ₹1.85, or 1.64% on the BSE.
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