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GAIL confirms Director (Marketing) Ranganathan's suspension following his arrest by the CBI

Ranganathan, who joined GAIL as Director (Marketing) in July 2020, was set to retire in May of the following year

GAIL confirms Director (Marketing) Ranganathans suspension following his arrest by the CBI
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GAIL (India) Ltd, a state-owned gas utility, said on Wednesday that its Director (Marketing) E S Ranganathan has been suspended following his detention by the CBI for allegedly accepting bribes to give private enterprises discounts on petrochemical products.

''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 Shri E. S. Ranganathan under suspension with effect from 18.01.2022,'' the firm said in a regulatory filing.

His suspension was reported by PTI on Tuesday.

Ranganathan, who joined GAIL as Director (Marketing) in July 2020, was set to retire in May of the following year.

Ranganathan allegedly promised discounts to private enterprises in exchange for a payment of Rs 50 lakh, according to the CBI, which filed a complaint on January 14. Ranganathan's home in Noida and his office at GAIL's headquarters in Bhikaji Cama Place were raided on Saturday. Ranganathan was interrogated and the office was sealed.

While the CBI arrested some private company employees on Saturday, Ranganathan was arrested on January 16 after acquiring the necessary sanctions, according to sources.

Following his suspension, the ministry issued an order on Tuesday appointing M.V. Iyer, Director (Business Development), GAIL, as additional director (marketing).

GAIL said Iyer ''has been entrusted with an additional charge of the post of Director (Marketing), GAIL for a period of three months from 18.01.2022 or till appointment of a regular incumbent to the post, or until further orders, whichever is the earliest.'' The company informed the stock exchanges on Monday that the Central Bureau of Investigation (CBI) had registered a FIR against Ranganathan and other private individuals on charges of criminal conspiracy, demand and obtaining undue advantage by public servants, taking undue advantage to influence public servants, bribing public servants, and so on.

''Further, CBI searched at the premise(s) of Shri E S Ranganathan, Director (Marketing) of the Company and other private persons in connection with the said case,'' It went on to say that In connection with the case, Ranganathan has also been detained.

''Company is not aware of any information other than those published or reported in the media,'' it had said. ''At this stage no estimated financial impact or estimated amount can be ascertained.'' Last week, the CBI announced that it had uncovered a bribery scheme involving Ranganathan, middlemen, and businesspeople and had detained five people on Saturday.

Last week, the CBI announced that it had uncovered a bribery scheme involving Ranganathan, middlemen, and businesspeople and had detained five people on Saturday.

''Cash of Rs 1.29 crore (approx), and gold jewellery and other valuables (having app value of Rs 1.25 crore) recovered during searches from the premises of said accused (Ranganathan),'' CBI Spokesperson RC Joshi had said on Sunday.

Ranganathan was accused of taking bribes from potential beneficiaries of Maharatna PSU concessions for private companies purchasing petrochemical products.

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