The government has prematurely terminated V B Ramachandran Nair from his services as Chairman and Managing Director of state-run chemical firm HOCL, more than two years before completion of his tenure.
In place of Nair, company's Director (Technical) SB Bhide has been given the additional charge as CMD of the Hindustan Organic Chemicals Ltd (HOCL).
"V B Ramachandran Nair has been prematurely terminated from his services as CMD of the HOCL," a source said.
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Nair has been terminated about more than two years before completion of his tenure as Hindustan Organic Chemicals Ltd (HOCL) CMD, a source said.
When contacted, Nair confirmed that he has received the order. But declined to comment further.
According to sources, the company is sick and has already been referred to Board for Industrial and Financial Reconstruction (BIFR). The employees have also not received salary for last 11 months.
The company has one plant each at Kochi in Kerala and Rasayani in Maharashtra with combined capacity of 2.60 lakh tonnes of organic chemcials per annum.
HOCL had raised Rs 150 crore through bonds in 2015 to meet its working capital requirements. Before that also the company had raised Rs 100 crore from bonds in 2001.
Meanwhile, the government is also considering to revive the company by clearing its all outstandings and by selling and leasing its land to raise funds for its revival.
