Steel Ministry Suspends 3 Directors Of SAIL, NMDC With Immediate Effect

Additionally, SAIL also has suspended 26 other officials with immediate effect for violation of its code of conduct, said the company

The Steel Ministry has suspended two directors of steel PSU Steel Authority of India (SAIL) and one director of iron ore giant National Mineral Development Corporation (NMDC), said both companies in separate exchange filings on Saturday. They have been suspended for alleged misconduct.

Additionally, SAIL also has suspended 26 other officials with immediate effect for violation of its code of conduct, said the company. 

The filing by the company said the Ministry of Steel vide its letters dated January 19, 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.”

Suresh, a board-level executive at another Steel Ministry PSU NMDC, has been suspended effective immediately, said the company.

"Ministry of Steel...in exercise of the powers conferred by sub-rule 1 of Rule 20 of the Conduct, Discipline and Appeal Rules, 1978 of NMDC Ltd. has placed V. Suresh, Director (Commercial), NMDC Ltd. under suspension with immediate effect," NMDC said.

SAIL also said that 26 below-board-level officials of the company have been suspended immediately. "The company has also placed some below-board level officials, 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," it said.

SAIL said in a different statement that the matter pertains to some investigations conducted in compliance with Lokpal's directives.

SAIL Chairman Amarendu Prakash said, "The 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." SAIL, under the Ministry of Steel, is the country's largest steel-making company, while NMDC is India's largest iron ore-producing entity.