15 in fray for to head PFC, interview on Monday

The Rs 17,273-crore company has been functioning without a full-time Chairman for the past three months

The Public Enterprise Selection Board (PESB) will interview 15 candidates for the post of Chairman and Managing Director (CMD) of Power Finance Corporation (PFC), the state-owned lender to power sector projects on Monday. The Rs 17,273-crore company has been functioning without a full-time chairman since three months.

Those in the fray for the post include seven external candidates — I J Kapoor, NTPC director (commercial); I S Jha, Powergrid Corporation’s director (projects); A B Agarwal, hydro major Bhakhra Beas Management Board chairman; and R N Mishra, director (civil), Satluj Jal Vidyut Nigam apart from two directors of Container Corporation of India  and a Rajasthan cadre Indian Administrative Service officer.

Also, eight internal candidates from PFC will try their luck — acting CMD and Director-Commercial M K Goel, Director-Finance R Nagarajan, Director-Projects A K Agarwal and six executive directors. Goel, an electrical engineer, has been handling the additional charge of chairman since September 14, a day after Satnam Singh was asked to hand over charge.

Singh’s five-year tenure ended on July 31. The government allowed him to continue ‘till further orders’ while the PM-headed Appointments Committee of Cabinet (ACC) examined a proposal for his extension. On September 13, however, an order was served on him to hand-over charge, even as five years were left for his retirement due in July 2018. A vigilance enquiry had been initiated against him. PESB, that operates under the Department of Personnel and Training (DoPT), overseas hiring for state-owned companies.

It had advertised for the post of PFC chairman on October 11.

PFC has a loan book of over Rs 160,000 crore. The company sanctioned Rs 75,147 crore and disbursed Rs 45,151 crore last financial year.