Khare takes over addnl charge as CMD of FACT

A B Khare, the Chairman and Managing Director of Madras Fertilisers, today assumed the additional charge of Chairman and Managing Director of FACT.
Earlier, the central government had removed Jaiveer Shrivastava, who is facing corruption charges, from the post of CMD.
A FACT release said here that Khare has taken over the additional charge of the CMD.
"A person with diverse experience in Fertiliser industry, Khare joined Madras Fertilisers as CMD on January 14, 2016," it said.
The appointment of Khare, a Chemical engineer from IIT Roorkee, came at a time when FACT is going through a crucial period following a raid by CBI's Anti-Corruption Branch last week at 18 places, including residences of Shrivastava and some top company officials in connection with the gypsum contract corruption case.

The raids were carried out after registering a case against Shrivastava and other officials, including Joint General Manager (Marketing) I S Ambika, Deputy General Manager (Corporate Finance) Sreenath Kamath, Chief Sales Manager (Caprolactum) Daniel Madhukar and Deputy Chief Sales Manager (Marketing Operations) Panchanan Poddar.

CBI also registered cases against businessmen,including Santosh Shetty, proprietor, NSS Trade India Pvt Ltd., Mumbai and Mukund Maheswari, Managing Director, Nagarjuna Agro Chemicals Pvt, Ltd, Hyderabad.
An FIR filed in the case before the Court of Special Judge - II, CBI, Ernakulam, said the accused had entered into a criminal conspiracy in 2015 and awarded a contract for sale of 3.5 lakh tons of gypsum to NSS Trade for three years at Rs 130 per ton.

The rate was much lesser than the price fixed for the requirement category of 1.2 lakh tons per year under the prevailing slab system of pricing of FACT and caused a huge loss to FACT and corresponding gain for themselves, CBI had said.