PESB recommends Ansuman Das for Nalco top job

The Public Enterprises Selection Board has recommended Ansuman Das as the next chairman and managing director of National Aluminum Company. The move, which comes days after the government's 10% offer for sale in Nalco, is likely to pave the way for appointment of a full-time CMD, ending months of uncertainty at the country's leading state owned aluminium company. Mr Das has been acting CMD of the company since August 2012.

Nalco has been without a regular chief for nearly two years following the suspension of erstwhile CMD, A K Srivastava on graft charges in February 2011. With the mines ministry terminating Mr Srivastava's services on December 11, 2012, the PESB, which recommends candidates for top PSU jobs, had invited applications for the post of Nalco CMD. The last date for filing applications was February 14, 2013.

In the last few years, Nalco's top post has been riddled with controversies, with successive CMDs falling prey to corruption charges. In February 2011, A K Srivastava, then CMD, was charge-sheeted by the Central Bureau of Investigation and eventually removed form the top job. He was succeeded by B L Bagra, director (finance) as acting CMD. In August 2012, Bagra faced allegations of corruption and subsequently stepped down. However, he was later reinstated as director finance. Earlier, C Venkatramana erstwhile CMD, had to step aside and his position was taken by C R Pradhan who retired as acting MD.

Analysts tracking the company said while the leadership crisis has dented the company's performance to an extent, global factors like aluminium demand and price has a bigger impact on Nalco's performance. "While leadership issue affects valuation in case there is a corporate governance issue, global factors have influenced the company's performance. We do not see any trigger that indicates the situation is likely to improve in the next one year or so," a metals sector analyst at Angel Broking said.