The unconfirmed news of Steel Authority of India Limited (SAIL) Chairman and Managing Director Amarendu Prakash’s reported resignation from his post has left the stakeholders in the PSU sector groping in the dark. Much to their chagrin, the mandarins at the Ministry of Steel are maintaining a stoic silence over the issue.
With the clouds of uncertainty hovering over the resignation, the rumour mill is running into overdrive, turning the resignation saga into one of the most talked-about developments in India’s public sector space. Yet the confusion persists, with the ministry officials being tight-lipped, as are the sources close to Prakash.
That Prakash has really submitted his resignation to the Government of India is yet to get any formal confirmation from the Ministry of Steel or SAIL’s board; Delhi’s bureaucratic corridors are abuzz with speculation.
The silence being maintained at the top has not diminished the spirit of rumour enthusiasts from whispering in the corridors, asking if Prakash has really resigned.
There is a perceptible dichotomy in the known facts and the undercurrent. However, multiple industry insiders and reliable bureaucratic trackers report that Prakash’s resignation has indeed been tendered and is under active consideration by the government.
With SAIL being one of India’s largest Maharatna PSUs, any abrupt departure at the helm carries far-reaching implications for investor sentiment and policymaking, especially as India charts its infrastructure and manufacturing ambitions.
An official acceptance or rejection of the resignation has to come only from the Appointments Committee of the Cabinet (ACC) or through an SAIL board notification.
There are also global majors showing long-term interest in acquiring experienced Indian leadership talent.
It would be a setback to the steel sector, as Prakash, who had assumed the chairmanship of SAIL in May 2023, has been a seasoned technocrat with deep roots in India’s steel sector, and his potential departure raises fresh questions about the pace and direction of strategic decisions at the state-owned steel giant.
That is the prime reason why both stock market watchers and policy analysts are now watching for signals, as pressure mounts for clarity ahead of broader PSU leadership reshuffles.
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