CMD MOIL Given Interim Charge Of CMD RINL
S. Sakhtamani, Director (Finance) of FACT has been chosen as the new CMD of RINL but he will be taking over on November 30, 2024
The Ministry of Steel has given interim charge of CMD Rashtriya Ispat Nigam Limited (RINL) to CMD MOIL, Ajit Kumar Saxena.
On September 3, this year , S. Sakhtamani, Director (Finance), The Fertilisers And Chemicals Travancore Limited (Fact), was chosen by public sector headhunter the PESB as the new CMD of RINL, but he will join post superannuation of the outgoing CMD Atul Bhatt who retires on November 30, 2024.
But earlier, in a move which came as a surprise to many, Atul Bhatt proceeded on leave till his retirement due in November end of this year. In the meantime, AK Bagchi (Director, Projects- RINL) was given the additional charge of CMD of the steel PSU.
Atul Bhatt fought a long battle in trying to keep the ailing steel PSU afloat. But due to apathy from the system he was unable to provide raw material to run two blast furnaces out of 3 furnace and the PSU was making huge losses month after month. Also, due to default to banks payments, credit rating of RINL came down down to C grade. He was also unable to meet payment of PF, employees salary and final settlement to retiring employees.
The order issued to this effect is given below for the viewers of www.indianpsu.com –
