News: Vigilance inquiries against PFC chief Satnam Singh

C-Suite

Vigilance inquiries against PFC chief Satnam Singh

Vigilance inquiries have been initiated against Satnam Singh, chairman and managing director of state-owned Power Finance Corp. Ltd (PFC), India’s largest lender to the power sector, at a time he is being considered for an extension after his present term ends on Wednesday, Mint reported.

Vigilance inquiries have been initiated against Satnam Singh, chairman and managing director of state-owned Power Finance Corp. Ltd (PFC), India’s largest lender to the power sector, at a time he is being considered for an extension after his present term ends on Wednesday, Mint reported.

According to documents reviewed by Mint, the thrust of the complaints against Singh pertain to loans extended to wind-turbine maker Suzlon Energy Ltd, which received around Rs.800 crore from PFC to refinance existing debt, and to Videocon Industries Ltd. Another complaint has also been made by an entity called PFC Officers Association.

Read the full report here

Read full story

Topics: C-Suite, #National

Did you find this story helpful?

Author

QUICK POLL

What is your top focus area for reinventing work in the hybrid world of work?

Can we take a more holistic view of how we reward people?

READ our latest issue for a broadened perspective.