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Updated January 21st, 2024 at 14:09 IST

Steel Authority of India suspends directors amid anti-graft inquiry

The anti-graft ombudsman's involvement underscores the seriousness of the allegations.

Business Desk
Steel Products
Representative | Image:Unsplash
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SAIL takes action: The Steel Authority of India (SAIL) has taken action by suspending two of its board directors based on the directives of the anti-graft ombudsman. The company issued a statement on Sunday, confirming the suspension but refraining from disclosing the specific allegations against the directors involved.

Chairman Amarendu Prakash assured stakeholders that, despite the suspension, the overall performance of the company would remain unaffected. In a statement, he emphasised, "Business is being carried out as usual. We are dedicated to upholding the highest standards of corporate governance and ethical conduct."

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Action to combat corruption

The decision to suspend the directors comes as part of a broader effort to combat corruption within the organization. The anti-graft ombudsman's involvement underscores the seriousness of the allegations, although the details remain undisclosed at this time.

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SAIL, being a prominent state-owned entity, plays a crucial role in India's steel production sector. The company's commitment to maintaining corporate governance standards indicates its determination to address any issues promptly. The suspension serves as a reminder of the importance of transparency and integrity within India's public enterprises, sending a signal that accountability is paramount even at the highest levels of management.

As the investigation unfolds, stakeholders and the public will keenly await further details regarding the nature of the allegations and the actions taken to rectify any identified wrongdoing. This incident highlights the ongoing efforts in India to promote a culture of ethical business practices and accountability within the corporate sector.

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(with Reuters inputs)

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Published January 21st, 2024 at 14:09 IST

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