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A B Khare, Chairman and Managing Director, Madras Fertilizers Ltd, has taken over additional charge of Chairman and Managing Director of FACT.
The Fertilszer Ministry has removed Jaiveer Srivastava, the present Chairman and Managing Director of FACT, from the post after the Central Bureau of Investigation launched an enquiry in connection with the alleged financial irregularities in the gypsum deal with a Hyderabad-based firm.
The company’s Vigilance Department, following the ministry's directive, had also unearthed a gypsum selling racket to the tune of ₹8 crore.
Khare joined Madras Fertilizers as CMD on January 14, 2016. He started his career at RCF Mumbai in 1980 and has served in various capacities before reaching the position of Chief General Manager.
He was instrumental in the revamp and capacity enhancement of the Thal unit of RCF’s urea and ammonia plants.
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