As part of its plans to restructure its board, Steel Authority of India Limited (SAIL) has re-designated its plant chiefs who will no longer be on the board of the public sector company. The order was issued last week, an official said. SAIL has informed the stock exchanges that in accordance with the Government's letter dated October 27 regarding redesignation of the post of managing directors of SAIL steel plants at Durgapur, Rourkela, Bokaro, Bhilai and IISCO, S.N. Singh, P.K. Bajaj and S.S. Mohanty have ceased to be directors on the board of SAIL.
This is in line with an earlier decision by the government to reduce the strength of the board from 24 to 18. The number of independent directors was also to be reduced from 12 to 9 while increasing the number of functional directors by two. The board-level posts of director projects and director raw materials (shipping transportation and logistics) have been created. The other four functional directors are: commercial, finance, technical and personnel. The chairman will be re-designated as CMD. The managing directors of five SAIL plants located at Durgapur, Burnpur, Rourkela, Bhilai and Bokaro will be re-designated as CEOs (Chief Executive Officers).
