Steel Ministry suspends three directors of SAIL, NMDC with immediate effect

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Ministry of Steel has suspended two board-level officials of public sector steel company SAIL and a director of iron ore company NMDC for alleged misconduct.

26 other officers were also suspended in the code of conduct violation case

SAIL told the stock exchange that it has also suspended 26 other officers with immediate effect for violating the code of conduct. The company said that 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 Steel Authority of India Limited’s Conduct, Discipline and Appeal Rules, 1977, has appointed V S Chakraborty. , Director (Commercial) and AK Tulsiani, Director (Finance) have been suspended with immediate effect.

NMDC Limited director also suspended

NMDC, another undertaking of the Steel Ministry, also said that its board level officer V Suresh has been suspended with immediate effect. The Steel Ministry has suspended V Suresh, Director (Commercial), NMDC Limited, with immediate effect, the company said.

what is the matter

The cell said in a separate statement that this matter is related to some investigations being conducted as per the instructions of the Lokpal. SAIL Chairman Amarendu Prakash said, the company’s business is running normally and it is not going to have any impact on the company’s performance. We are dedicated to maintaining the highest standards of corporate governance and ethical conduct. SAIL continues to be in a strong position.

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