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| In violation of SFC Act, Makroo appointed MD | | | Avinash Azad
JAMMU, Dec 20: More skeletons are tumbling out of cupboard of State Financial Corporation and new in this series, is the appointment of AR Makroo as Managing Director of Corporation in total violation of SFC Act.
Sources informed Early Times that Small Industries Development Bank of India (SIDBI) is a monitoring and supervising body over the SFCs, which has an important role in the appointment of the managing directors (MD) of the SFCs.
"The Section 17 (1)(a)(b) of the State Financial Corporations Act, 1951 (SFCs Act), inter alia, provides that the MD of an SFC shall be appointed, in consultation with the SIDBI, by the State Government", sources said, adding that it has been observed that the SIDBI had not fulfilled its assigned role in so far as the appointment of the MD of the J&K State Financial Corporation (J&K SFC).
Sources further divulged that in reply to an RTI application, SIDBI management maintained that present incumbent MD of J&K SFC, AR Makroo was the personal choice of concerned department's Minister.
"We have no record to show that JK Government consulted SIDBI for appointment of present MD AR Makroo", the reply of SIDBI states, adding that SIDBI has no powers or authority under the SFCs Act to declare any appointment as unlawful or illegal and asked the RTI application to take up the matter at appropriate forum or JK State Government.
Moreover, sources further revealed that as per SFC Act 1951, the MD should be a whole-time officer of the Financial Corporation but contrary to it the predecessor of AR Makroo was not a whole-time MD of J&K SFC.
"The charge of MD post was additionally held by Special Secretary Finance department, which was in violation of SFC Act", sources said, adding that the additional charge was given to Special Secretary of concerned department only to buy time for adjustment of favourate lieutenant of concerned Minister, sources said.
As per the order number: 1732-GSD of 2009, dated 14-12-2009, issued by Deputy Secretary of General Administrative Department which was duly endorsed by Chief Secretary, maintained that in the interest of administration, AR Makroo, Chief General Manager, J&K State Power Development Corporation has been transferred and posted as Managing Director, J&K State Financial Corporation on deputation basis, relieving Special Secretary to Government, Finance Department of the additional charge of the post. |
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