Two Independent Directors Resign From SAIL Board
New Delhi: Ahead of its annual general meeting on Tuesday, Steel Authority of India Ltd (SAIL) said two of its independent directors, appointed by the UPA government, have resigned.
The state-run steel maker in a communique to the bourses said on Monday that independent directors Parminder Hira Mathur and N C Jha have submitted their resignations from the board with effect from September 19.
The reason for which was not mentioned in the filing.
SAIL's board has seven independent directors. Its total strength of has now shrunk to 16.
The move comes against the backdrop of removal of independent directors, appointed by the UPA government, in various state-owned companies including Coal India Ltd, ONGC, Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Mangalore Refinery & Petrochemicals Ltd (MRPL).
Mr Mathur, 64, a retired bureaucrat, and Mr Jha, 62, former Coal India chairman (additional charge), were inducted into the SAIL board on February 19, 2014.
Mr Jha worked for more than 35 years in Coal India. He was also technical director in the biggest producer of the dry fuel.
A 1974 batch IAS officer of Himachal Pradesh cadre, Mr Mathur had retired as Additional Chief Secretary of the state.
Considering their "vast expertise and knowledge", SAIL had even sought shareholders' approval for retaining them as independent directors for three years till February 2017.
"Keeping in view the vast expertise and knowledge of N C Jha, Board considers it desirable that the Company should continue to avail itself of his services as a Director and recommend this Resolution for approval of the shareholders," SAIL had written in a letter to the shareholders. The same was written about Mr Mathur as well.
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