MOIL CMD Ajit Kumar Saxena takes interim charge of CMD RINL

New Delhi: The Ministry of Steel has given CMD Rashtriya Ispat Nigam Limited (RINL) interim charge to CMD MOIL, Ajit Kumar Saxena.

On September 3, this year, S. Sakhtamani, Director (Finance), The Fertilisers And Chemicals Travancore Limited (Fact), was chosen by public sector headhunter the PESB as the new CMD of RINL.

Still, he will join the post superannuation of the outgoing CMD Atul Bhatt who retires on November 30, 2024.

But earlier, in a move which surprised many, Atul Bhatt proceeded on leave till his retirement due at November end of this year. In the meantime, AK Bagchi (Director, Projects- RINL) was given the additional charge of CMD of the steel PSU.

Atul Bhatt fought a long battle in trying to keep the ailing steel PSU afloat. However, due to apathy from the system he was unable to provide raw material to run two blast furnaces out of 3 furnaces and the PSU was making huge losses month after month.

Also, due to default on bank payments, the credit rating of RINL came down to a C grade. He was also unable to meet payment of PF, employee's salary, and final settlement to retiring employees.