News: Vigilance inquiries against PFC chief Satnam Singh

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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.

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Topics: C-Suite, #National

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