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Updated January 21st, 2024 at 15:53 IST

SAIL suspends board directors over alleged financial discrepancies

SAIL suspends board directors over alleged financial discrepancies

Business Desk
SAIL suspends board directors over alleged financial discrepancies
SAIL suspends board directors over alleged financial discrepancies | Image:SAIL
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SAIL suspensions: The central public sector undertaking, Steel Authority of India Ltd (SAIL), said the Ministry of Steel, Government of India has suspended VS Chakravarthy, Director for Commercial at SAIL, and AK Tulsiani, Director of Finance at SAIL.

Overall, the state-owned steel producer has suspended 26 officials with immediate effect, as a result of violating the official code of conduct.

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The suspension is in accordance with Rule 20 of the Conduct, Discipline, and Appeal Rules, 1977, according to a regulatory filing.

This decision has affected the Below Board Level officials, including SK Sharma, ED (F&A), CMC; Vinod Gupta, ED (Commercial); Atul Mathur, ED (Sales & ITD); and R.M. Suresh, ED (Marketing Services).

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"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 said.

"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," it said.

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These suspensions are effective immediately, and the company is expected to conduct a thorough inquiry into the matter, it added.

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Published January 21st, 2024 at 15:53 IST

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