Power finance corporation chief signs accounts after term ended
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Power Finance Corporation and the power ministry have allowed Satnam Singh to sign the public sector firm's accounts on August 2 - two days after his five-year term came to an end.
Sources told TOI that the power ministry has neither issued an order extending his tenure, nor re-appointed him by for a fresh term. When contacted, a senior power ministry official said the appointments committee of cabinet headed by prime minister Manmohan Singh was required to issue an order asking a public sector executive to hand over charge. No order had been issued so far, he added.
A PFC spokesperson did not respond to a questionnaire sent on Tuesday and the company secretary also didn't reply to another questionnaire e-mailed on Wednesday morning.
A ministry source said a proposal regarding Singh's term had been sent to the appointments committee of cabinet. Usually, director level appointments in state-owned companies are done after the post is advertised and candidates are shortlisted based on an interview.
The company has also refrained from informing shareholders about Singh's future at PFC. The company has scheduled an AGM on September 26 but the agenda is silent on the appointment of the CMD, although shareholders have been asked to vote on the reappointing two directors. Singh, who had served as a director on PFC's board, had been appointed as PFC chairman and managing director on August 1, 2008 and is credited with pushing the establishment of ultra-mega power projects, each with a capacity of 4,000 megawatts. So far, four UMPPs have been bid out and there are plans to have 14 such projects.
PFC, which is a dedicated funding agency for the power sector, is among the three public sector companies identified by the finance ministry to tap international investors by issuing the so-called quasi-sovereign bonds. (Times of India)
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