New Delhi: The Ministry of Power has issued an order relieving V.K. Devangan, Chairman & Managing Director (CMD) of Rural Electrification Corporation (REC), from his position with immediate effect. Parminder Chopra, CMD of Power Finance Corporation (PFC), has been assigned additional charge of REC.
Discussions Around Devangan’s Exit
Industry experts are actively discussing V.K. Devangan’s sudden departure from REC. It is being reported that he was removed after completing seven years of central deputation. Experts suggest he had two options—either return to his home state or take a long leave. Devangan opted for a two-month-long leave.
Failed Attempts at New Positions?
Sources indicate that Devangan had attempted to secure other key positions but was unsuccessful. His sudden departure on extended leave from REC has surprised many.
Issues During Devangan’s Tenure?
Analysts believe that all was not well at REC during Devangan’s leadership. Reports suggest that some officials within the company were against him, and in certain instances, complaints had even reached senior authorities.
Now, all eyes are on how REC’s new leadership shapes the company’s future and whether any major changes follow.
