Former SAIL chief Roongta appointed as part-time SCI Director

"The Government has appointed SK Roongta, former Chairman, SAIL, as non-official part-time Director on the Board of SCI for a period of three years from the date of his assumption of charge or until further orders, whichever is earlier," an official statement said.

Roongta, who completed his four-year term as the PSU chief on May 31 this year has earlier been inducted on the boards of Tamil Nadu-based state-run Neyveli Lignite and Axis Bank as independent director.

The present move has been taken in the backdrop of state-run  SCI coming up with a follow-on public offer (FPO) that is likely to hit markets by December. SCI has already filed the draft prospectus with the market regulator Sebi for its FPO on October 12 and the issue comprises a fresh issue of 4.23 crore shares by the company and an offer for sale of equal quantity of shares by the Government of India.

On October 5, the government approved selling its 10 per cent stake in the navratna company and allowed it to raise 10 per cent fresh equity, paving the way for about Rs 1,300-crore public issue.