The government has finally appointed a new chairman and managing director to Bridge and Roof Co. (India) Ltd, under ministry of heavy industries and public enterprise. Kallol Dutta, chairman and managing director Andrewyule Co. (India) Ltd, Kolkata, has been given the post with effect from 25 August for a period of three months.
Earlier, on 10 April the centre had sacked ‘tainted’ MK Singh from this post. Singh had, however, continued to operate as CMD.
Singh had managed to continue acting as the CMD, despite allegedly indulging into many malpractices such as ‘cancellation of work orders, mishandling of funds to fund his court proceeding in a criminal case of sexual harassment in courts. The entire legal payments were made by Bridge and Roof’s account after Singh’s approval.’
Documents received from the company indicate that during MK Singh’s tenure, profit before tax went down to Rs 68 crore for 2012-13 and for 2013-14 it is Rs 16 crore. Also, the documents suggest, there has been offloading of jobs due to poor performance in majority sites all over India. The major reason for poor performance in the last 10 months is due to mass transfers at the level of AGM, DGM, GM and CGM, the company documents suggest.
There has also been a ‘crisis of fund flow due to huge fund pull from various projects directly from contactors during Singh’s tenure. These have also created legal hassles as many contractors have filed legal notices and stopped working. Huge legal expenses have also occurred during this period due to Singh’s mismanagement. There has in fact also been a delay in statutory payment such as service tax, income tax, provident fund among others,’ the papers point out.
Earlier, on 10 April the centre had sacked ‘tainted’ MK Singh from this post. Singh had, however, continued to operate as CMD.
Singh had managed to continue acting as the CMD, despite allegedly indulging into many malpractices such as ‘cancellation of work orders, mishandling of funds to fund his court proceeding in a criminal case of sexual harassment in courts. The entire legal payments were made by Bridge and Roof’s account after Singh’s approval.’
Documents received from the company indicate that during MK Singh’s tenure, profit before tax went down to Rs 68 crore for 2012-13 and for 2013-14 it is Rs 16 crore. Also, the documents suggest, there has been offloading of jobs due to poor performance in majority sites all over India. The major reason for poor performance in the last 10 months is due to mass transfers at the level of AGM, DGM, GM and CGM, the company documents suggest.
There has also been a ‘crisis of fund flow due to huge fund pull from various projects directly from contactors during Singh’s tenure. These have also created legal hassles as many contractors have filed legal notices and stopped working. Huge legal expenses have also occurred during this period due to Singh’s mismanagement. There has in fact also been a delay in statutory payment such as service tax, income tax, provident fund among others,’ the papers point out.