New Delhi: State-run GAIL (India) Ltd has said on Wednesday that former Director (Marketing) ES Ranganathan, who was arrested by the Central Bureau of Investigation (CBI) three days ago for allegedly taking bribes and indulging in corruption, stands suspended. Media reports had speculated Ranganathan's suspension after MV Iyer, the current Director Director (Business Development) at GAIL, was assigned additional charge of the post of Director (Marketing) on January 18.
Confirming the news, GAIL said in a regulatory filing to the stock exchanges on Tuesday, "This is to inform that President of India (vide letter no. C-31022/1/2022-VIG-PNG dated 18th January, 2022) in exercise of the powers conferred by Rule 25 of GAIL Employees (Conduct Discipline and Appeal) Rules, 1986 placed Shri E.S. Ranganathan under suspension with effect from 18.01.2022."
Ranganathan had assumed charge of the post of Director (Marketing) at GAIL in July last year and was supposed to superannuate in May next year. Prior to this, he was Managing Director (MD) of Indraprastha Gas Ltd (IGL).
The CBI arrested Ranganathan on January 16 for allegedly taking bribe from private companies in exchange for discounts on petrochemical products marketed by GAIL. In the FIR, the CBI said that it conducted raids at eight locations, including Ranganathan's Noida residence and his office, and recovered Rs 1.29 crore in cash, gold jewellery and other valuables. Along with Ranganathan, the CBI has also arrested four other individuals in connection to the case.
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