SAIL's finance and commercial directors suspended after getting directions from Lokpal

The steel ministry has suspended three directors from the PSU Steel Authority of India (SAIL) and National Mineral Development Corporation (NMDC), the companies said in separate  exchange filings on January 20.

"The Ministry of Steel,Government of India vide its letters dated 19th 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 A.K. Tulsiani, Director (Finance) on suspension with immediate effect," SAIL said in its filing.

SAIL also said that it has placed 26 numbers of below board level officials of the company on suspension with immediate effect.  Responding to a MoneyControl query, the steel PSU said "The issue pertains to some investigations being carried out as per the directions of Lokpal."

Commenting on the matter, Chairman, SAIL, Shri Amarendu Prakash said, “Company’s business is being carried out as usual and it is not going to impact the performance of the company. We are dedicated to uphold the highest standards of corporate governance and ethical conduct. SAIL continues to stand strong in the industry focussing on quality and customer satisfaction”.