March 3 was a day of achievement for Director (Finance) of FACT as a MoU was signed to release Rs 1,000 Crs for the revival of the state-run fertilizer company (The Fertilizers & Chemicals Travancore Ltd). But the weeks since didn't turn out to be lucky for him as the ACC denied the extension of his service. P Muthusamy's five years tenure came to end on March 18. He had another 14 months to go to attain the retirement age.
Usually, the govt prefers to extend the tenure of a board level officer of a sick company if the latter is expected to be revived. Ironically, while the Govt funded FACT on March 03 to rejuvenate the company, it denied the extension to Muthusamy who being familiar with the company would have played a critical role as Director (Finance). Does the government believe that, despite fund infusion, FACT can't be revived?
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ACC denies extension to Muthusamy, Director (Finance)
By IndianMandarins - 2016-04-08 11:49:34
March 3 was a day of achievement for Director (Finance) of FACT as a MoU was signed to release Rs 1,000 Crs for the revival of the state-run fertilizer company (The Fertilizers & Chemicals Travancore Ltd). But the weeks since didn't turn out to be lucky for him as the ACC denied the extension of his service. P Muthusamy's five years tenure came to end on March 18. He had another 14 months to go to attain the retirement age.
Usually, the govt prefers to extend the tenure of a board level officer of a sick company if the latter is expected to be revived. Ironically, while the Govt funded FACT on March 03 to rejuvenate the company, it denied the extension to Muthusamy who being familiar with the company would have played a critical role as Director (Finance). Does the government believe that, despite fund infusion, FACT can't be revived?
