The Department of Heavy Industries has suspended Chairman and Managing Director of HMT Ltd S.G. Sridhar with effect from June 14. The action was based on the findings of an internal inquiry into the running of the Tractor Division of the company at Pinjore earlier this year. The probe uncovered extensive evidence of the books having been dressed up, resulting in substantial losses to the company.
A notice said Mr. Sridhar “indulged in fudging of accounts and providing incorrect reports to the stock exchanges and other authorities.”
Harbhajan Singh, Joint Secretary, Ministry of Heavy Industries, has been given additional charge as CMD of the company.