Unceremonious Exit Of CMD Of RINL Atul Bhatt Surprises Many
Bhatt, CMD of Rashtriya Ispat Nigam Limited proceeded on leave till his retirement due in November this year
In a move which came as a surprise to many, the CMD of Rashtriya Ispat Nigam Limited (RINL), Atul Bhatt proceeded on leave till his retirement due in November end of this year. In the meantime, AK Bagchi (Director, Projects- RINL) has been 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.
Market is abuzz with speculations as to whether Bhatt proceeded on leave on his own or was directed to do so by the Steel Ministry….
