State-owned SAIL on Thursday said C. S. Verma had relinquished the charge as Chairman and Managing Director on completion of his tenure and Steel Secretary Rakesh Singh has assumed the charge till a regular incumbent is appointed.
Mr. Verma was appointed CMD of the country’s largest steel producer for a 5-year term in June 2010 by the previous UPA government, and was eligible for an extension till he attained the superannuation age of 60 years in September 2019.
The government’s not extending his tenure to the top job makes him the first ‘Maharatna’ PSU head to be denied an extension during the current NDA regime.
“Consequent upon completion of his tenure and in pursuance to Ministry of Steel Order dated June 10, 2015, Mr. Verma has relinquished the charge of CMD of SAIL from June 10, 2015 (A/N),” Steel Authority of India said in a BSE filing.
It said the Steel Ministry in its order dated June 10, 2015, has also conveyed that additional charge of the post of CMD, SAIL has been entrusted to Mr. Singh for three months or till the appointment of a regular incumbent to the post or until further orders, whichever is earlier.
Steel Secretary takes charge “Singh has assumed the additional charge of the post of CMD, SAIL from June 11, 2015 (F.N.),” the filing said.
