Avinash Azad
Jammu, Dec 21: Ignoring Chief Minister's ban on extensions, the Board of Directors (BOD) of State Financial Corporation's (SFC's) which met here today, has rewarded Managing Director, A R Makroo with one year extension in his service, instead of penalizing the same for various misdeeds.
Authoritative sources informed Early Times that the BOD has rewarded AR Makroo with an extension of one year as his tenure as MD was scheduled to end on January 31, 2014. As reported earlier by Early Times, the MD reportedly assured the BOD's that he will revive the SFC if given an extension. "All the proceedings of the meetings have been preplanned and fixed and the meeting of BOD, was merely a formality", sources said. The story was reported by Early Times earlier.
Sources further said that Makroo has been rewarded for greasing the palms of his political masters. "During the tenure of AR Makroo as MD, the financial condition of SFC worsened but due to strong influence of MD, Government has turned a Nelson’s eye towards the issue", sources said.
It is pertinent to mention here that the incumbent MD of J&K SFC, was the personal choice of a senior politician. As reported earlier, 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).
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. 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. |
