The Department of Heavy Industries (DHI) on 7 April 2014 suspended Managing Director (MD) M D Sreekumar for allegedly diverting funds. Sreekumar is the MD of HMT Machine Tools Limited. HMT Machine Tools Limited is a wholly subsidiary of HMT Limited.
He has been placed under suspension for allegedly diverting and misappropriating 30 crore rupees. The Department of Heavy Industries under the Ministry of Heavy Industries and Public Enterprises took the action a few days back.
An earlier internal inquiry conducted by the Chief Vigilance Commissioner in the ministry confirmed the alleged diversion of money. Mr. Sreekumar was appointed MD of the company in May 2012. Prior to his current role, he was the director of technical and operations, HLL Lifecare Limited.
When: on 7 April 2014