Despite the timely appointment of Atul Sobti as CMD of ailing public sector giant BHEL to facilitate a smooth takeover from the present CMD B P Rao who is retiring on December 31, 2015, the delay in the appointment of two new directors to look after critical power and finance departments of the company is causing serious concerns in business circles and impacting the performance of its shares.
Currently, Sobti who is Director-Power is also holding the additional charge of Director- Finance. After he takes over the charge as CMD, he would perhaps be the first head in the company’s history to look after both power and finance portfolios.
Indianmandarins has learnt that the names of Chokalingam S (GM- Finance, Trichi unit of BHEL) as Director (Finance) and S K Sahni, another GM, are there on the list for consideration of the Appointments Committee of Cabinet.
Since BHEL’s net profit has been declining (it registered a net loss of Rs 279 Crs in the second quarter ended September 30, 2015), it goes without saying that the company’s top posts are filled well in time to give it a shot in the arm to overcome the crisis facing it.
BHEL has five Directors to deal with Finance, Power, HRD, Industrial System & Production, and Engineering Research & Development.