5 Directors of Balasore Alloys Quit as Plant Remains Idle
Balasore Alloys recently announced that Mr Nikunj Pansari Director Finance & CFO has resigned from the directorship of the company with effect from 24 March 2021. Mr Pansari stated he tendered his resignation for various reasons. He said that he will not continue to serve Balasore Alloys as he was not paid salary for almost 18 months and the plant is also not operational due to power disconnection. He further said that the promoters have committed to infuse the fund in July 2020 but failed to fulfil their commitment and that the promoters have neither given any reason for not infusing fund nor given any fixed timeline for infusion of fund.
According to a report in Economic Times, four independent directors of Balasore Alloys Mr Rupanjana De, Mr Sujit Kumar Majumdar, Mr Kashi Prasad Khandelwal and Mr Susil Kumar Pal have resigned from the company, which is part of the Mr Pramod Mittal led Ispat Group, while its employees have written to the government complaining about non-payment of salaries.
The Odisha based ferro alloy producer's five furnaces with a total capacity to produce 150,000 tonnes of ferro alloys a year are lying idle, after the power supply was cut over non-payment of bills. The BSE has also suspended trading in its shares due to penal reasons.