Would VSNL M.D. give an explanation to shareholders???

Mr. Narsimhan Srinath…You owe an explanation to VSNL shareholders…

  • You were appointed Managing Director of VSNL on February 2nd, 2007, for which a board meeting was called specially. You would agree that a board meet would cost the company close to Rs. 25 lakh including the executive Time Costs.
  • Why was your appointment not cleared in the board meeting a mere 72 hours prior, when the Board met to finalise the Quarterly results????Could this ten minute formality not be completed that day???
  •  Can u pls explain how you suddenly remembered on January 31st, 2007 that your foreign exchange travel advances for over 15 months and 25 occassions had a discrepency? How come after such a long period of time?
  • Can u pls tell us why your vigilance officer Dhirendra Kumar Sinha did not conduct an inquiry – independently- prior to filing a FIR against your PA for misappropraition of funds?
  • Why was the FIR filed on January 1st evening, hours before your appointment as MD? Why did you not allow them time to do a complete investigation instead of putting the entire blame on your PA?
  • The events between January 30th to February 2nd were indeed interesting…You regain your lost memory or shunned your ignorance for 15 months….Your PA is blamed for the misappropriations of forex advances issued in your name…Your PA gets arrested…and you become Managing Director….Eventful Indeed…
  • Were you sleeping for last 15 months??? Did the finance and accounts department of VSNL did not have courage to ask you to clear the dues, which was the rightful property of the company…Is it not a total lapse of your internal financial controls….Internal Financial Controls for which you and your CFO are responsible and accountable…
  • Even if one considers you were actually oblivious of the dues in your busy schedule, is it not NEGLIGENCE…and with a MD who cant even ensure clearance of his personal travel advances on time, can this $2 Bn company be safe???
  • Ask your concious…With such negligent attitude, do you have the courage to face your shareholders at the forthcoming AGM? Whose Moral responsibility is It? Take your calls….

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