Iron ore miner OMDC suspends CFO, bars office access over allegations of 'serious misconduct'

OMDC has a market capitalisation of over Rs 4,200 crore. Total revenue of Rs 89.38 crore included sale of old stocks of Rs 82.28 crore, and interest from term deposits during FY24.

The board of iron ore mining company Orissa Mineral Development Company (OMDC) has suspended Ramakanta Behera, the CFO, citing certain 'allegations of misconduct' that are 'serious in nature', a company filing said on January 7.

Informing about the suspension order against Chief Financial Officer, the company statement said, 'certain allegations of misconduct have been made against Ramakanta Behera and since the allegations are of a serious nature', the CFO is suspended from duty with immediate effect, pending further proceedings and final orders.

The management has asked the CFO to surrender his identity card and has instructed him to 'not enter the work premises' during the period of suspension without approval. The CFO has also been asked to not leave the station with written permission. The order of suspension was signed by AK Bagchi, the managing director at OMDC.

The board had in December 2024 approved the appointment of Ajit Kumar Saxena, who was a director with the company, as the Non-Executive Chairman.

The company in its FY24 annual report released in December 2024 had said that it in the process of obtaining Supreme Court clearances for operations at two mines, namely, Belkundi and Bhadrasahi. "The company is vigorously pursuing the matter for obtaining statutory clearance with the state government and central government authorities, so as to resume its mining operations in Belkundi and Bhadrasahi at an early date," it said.

OMDC has a market capitalisation of over Rs 4,200 crore. Total revenue of Rs 89.38 crore included sale of old stocks of Rs 82.28 crore, and interest from term deposits during FY24. The net profit for the period was Rs 2.82 crore versus loss of Rs 16.54 crore a year ago.