NaMo administration suspends FACT CMD, starts clean-up drive

FACT, CMD Removed, Removal, Suspension
In sync with NaMo’s poll promises of zero tolerance against corruption, Union Secretary V S Pandey (IAS:1979:UP) under the Ministry of Fertilizer recommended the suspension of  FACT CMD Jaiveer Srivastava and appointed Madras Fertilizer Ltd (MFL) CMD A B Khare as FACT CMD for a period of six months.
Reportedly, Srivastava was summoned to Delhi to face the Board meeting of FACT to face several corruption charges including allowing cartelization of the tender for the sale of gypsum, spending Rs 1.25 crore to renovate his quarters at a time when FACT was sinking in losses, promoting several junior officers, and overlooking seniority of several others. The internal vigilance department of FACT, too, had made adverse comments against the functioning of CMD.
In a clean-up drive, FACT’s new CMD Khare has recommended the suspension of four senior executives of the fertilizer PSU in view of the allegations of corruption against them in the gypsum contracts and other deals namely. They are I S Ambika (Jt GM- Marketing); Sreenath Kamath (DGM, Corp Finance); Daniel Madhukar (Chief Sales Manager) and Panchanan Poddar (DGM, Marketing Operations).
It may be noted that a Rs 1,000 Cr revival package was provided to Udhyogamandal (Kerala) based fertilizer company FACT right before the Kerala Assembly Elections.

Leave a Reply