Steel Ministry takes disciplinary action, suspends three Directors at SAIL

Finance and commercial directors at Steel Authority of India (SAIL) and National Mineral Development Corporation (NMDC) have been suspended following directives from the Lokpal, according to separate exchange filings made by the companies on January 20.

In its filing, SAIL stated, "The Ministry of Steel, Government of India, 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 also reported the suspension of 26 below board level officials in response to ongoing investigations directed by the Lokpal.

In a related development, NMDC confirmed the suspension of V. Suresh, Director (Commercial), with immediate effect. The suspensions were implemented as part of inquiries initiated at the direction of the Lokpal.

SAIL's Chairman, Shri Amarendu Prakash, assured that the company's operations are continuing without disruption. He emphasized the commitment to upholding the highest standards of corporate governance and ethical conduct, highlighting that the suspension is not anticipated to impact the company's performance.