Two SAIL Directors suspended over pending Lokpal probe

Two directors and multiple executive director level officers of Steel Authority of India Limited (SAIL) have been suspended in light of a Lokpal investigation. A company statement said the Steel Ministry suspended V S Chakravarthy, Director (Commercial), and Shri A K Tulsiani, Director (Finance). In compliance with instructions from the centre, SAIL also placed 26 Below Board Level officials of the Company on suspension with immediate effect.

In a statement to the exchanges on Saturday, SAIL named S K Sharma, Executive Director (ED) F&A, CMO, Vinod Gupta, ED (Commercial), Atul Mathur, ED (Sales & ITD), and R M Suresh, ED (Marketing Services), among those suspended.

“The issue pertains to some investigations being carried out as per the directions of Lokpal,” SAIL said without sharing any more details. A company official aware of the move told ET that the probe is in a commercial matter and all officers associated with the deal have been suspended pending investigation.

Commenting on the development, Chairman, SAIL, 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.”