Two Independent Directors resign from SAIL Board

Ahead of the Annual General Meeting tomorrow, two independent directors of state-run steel maker SAIL, who were appointed by the UPA government, have resigned.
In a communique to the stock exchanges, Steel Authority of India Ltd today said Parminder Hira Mathur and N C Jha, two independent Directors in the company, have submitted their resignations from the Board with effect from September 19.
Following their resignation, the reason for which was not mentioned in the filing, the SAIL Board has seven independent director. The Board's total strength of has now shrunk to 16.
The move comes against the backdrop of removal of independent directors, appointed by the UPA government, in various state-owned companies including Coal India Ltd, ONGC. IOC, HPCL and MRPL.

A retired bureaucrat, Mathur (64) and former Coal India Chairman (additional charge) Jha (62), were inducted into the SAIL Board on February 19 this year.
Jha worked for more than 35 years in CIL. He was also Technical Director in the biggest producer of the dry fuel.

A 1974 batch IAS officer of Himachal Pradesh cadre, Mathur had retired as Additional Chief Secretary of the state.
Considering their "vast expertise and knowledge", SAIL had even sought shareholders' approval for retaining them as Independent Directors for three years till February 2017.
"Keeping in view the vast expertise and knowledge of N C Jha, Board considers it desirable that the Company should continue to avail itself of his services as a Director and recommend this Resolution for approval of the shareholders," SAIL had written in a letter to the shareholder.

The same was written about Mathur.