GAIL suspends Marketing Director, E.S. Ranganathan after CBI arrest; Stock gains over 3%

19 Jan 2022 , 03:05 PM

On Wednesday, GAIL (India) announced the suspension of its Marketing Director following his arrest by the Central Bureau of Investigation (CBI) over allegedly taking backhander to make available petrochemical products to private companies at significant discounts.

GAIL mentioned in its regulatory filing, “This is to inform that President of India  in exercise of the powers conferred by Rule 25 of GAIL Employees (Conduct Discipline and Appeal) Rules, 1986 placed E. S. Ranganathan under suspension with effect from 18.01.2022.”

In the meanwhile, MV Iyer will take charge of the companies’ affairs pertaining to Ranganathan’s work field. MV Iyer shall hold such position for a period of three months from 18.01.2022 or till the appointment of a regular incumbent to the post, whichever is earliest.

GAIL is a government-owned natural gas corporation responsible for natural gas processing and distribution in India. It falls under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

GAIL (India) is currently trading at Rs147.70 up by Rs4.85 or 3.4% from its previous closing of Rs142.85.