Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The Steel Ministry has recently taken significant actions against key officials from two prominent steel and iron ore entities - Steel Authority of India Limited (SAIL) and National Mineral Development Corporation (NMDC). The move follows allegations of misconduct, leading to the suspension of board-level officials and other personnel. Let's delve into the details of these developments.
Firstly, SAIL, being the largest steel-making company in India and operating under the Ministry of Steel, witnessed the suspension of two high-ranking officials. V.S. Chakravarthy, the Director of Commercial, and A.K. Tulsiani, the Director of Finance, were both suspended with immediate effect. The Ministry of Steel, exercising its authority as per the Conduct, Discipline, and Appeal Rules of 1977 applicable to SAIL, issued letters on January 19, 2024, outlining the suspension of these officials.
In addition to the board-level suspensions, SAIL disclosed that 26 other officials below the board level faced immediate suspension. These individuals, including S.K. Sharma (Executive Director of Finance & Accounts), Vinod Gupta (Executive Director of Commercial), Atul Mathur (Executive Director of Sales & ITD), and R.M. Suresh (Executive Director of Marketing Services), were suspended for violating the company's code of conduct.
Simultaneously, NMDC, India's largest iron ore producer, also experienced a board-level suspension. V. Suresh, serving as the Director of Commercial, faced immediate suspension based on the Ministry of Steel's exercise of powers under the applicable rules for NMDC, as mentioned in the Conduct, Discipline, and Appeal Rules of 1978.
The reasons for these suspensions are being investigated under the direction of Lokpal. This signifies a commitment to ensuring transparency, accountability, and fairness in the corporate practices of these entities. Lokpal is an institution established to oversee and address issues related to corruption and malpractices in public administration.
Despite these developments, SAIL Chairman Amarendu Prakash assured stakeholders that the company's business operations remain unaffected. He emphasised SAIL's dedication to upholding high standards of corporate governance and ethical conduct. The focus remains on delivering quality products and ensuring customer satisfaction, as SAIL continues to play a pivotal role in the steel industry.
The recent suspensions of key officials from SAIL and NMDC underscore the Ministry of Steel's commitment to maintaining integrity and accountability in these vital sectors. As investigations unfold under the guidance of Lokpal, the industry will keenly observe how these actions contribute to the overall transparency and ethical standards within these organisations.
Also Read : Gujarat's mega projects drive growth; summit aims to boost investments Tamil Nadu presents budget, revenue deficit over ₹49k cr; fiscal deficit up
As the metal reaches a wider range of destinations, China's biggest wave of steel exports since a gl...
China 24-Apr-2024
JSW Steel, Tata Steel, ACC Ltd and JK Cement Ltd are among the prominent companies vying for coal mi...
Large Corporate 21-Feb-2024
Tata Motors launches 8th scrapping unit in Kolkata Capacity to recycle 15,000 vehicles annually Su...
Business 09-May-2025
Domestic steel consumption is likely to expand by 10% over the next five years, aided by the governm...
Ferrous 08-May-2024
India's reliance Industries, operator of the world's biggest refining complex, will not buy Russian...
Business 21-Mar-2024
The European Union's implementation of the Carbon Border Adjustment Mechanism (CBAM) poses significa...
Announcement 01-Apr-2025