Pakyong, 30 January : Mr. Sunil Saraogi has tendered his resignation from the positions of Chairman & Managing Director at Sikkim Power Investment Corporation Limited (SPICL) and Chairman at Sikkim Urja Limited (SUL).
The resignation from SPICL has been promptly accepted, effective immediately. However, in the case of SUL, Mr. Saraogi has been requested to continue his role until March 31, 2024. During this period, his successor will be identified through consultations with REC Limited and PFC Limited, the key lenders. This decision is particularly crucial as both companies are currently navigating an existential crisis, underscoring the significance of REC & PFC in this transitional phase.
Mr. Saraogi, instrumental in orchestrating a remarkable turnaround, successfully eliminated the entire carry forward losses amounting to ₹1500 crores. This financial feat, achieved around June-July 2023, transformed both SPICL and SUL from loss-making entities into profitable ventures. Following this accomplishment, he expressed his intention to resign, aspiring to embark on new pursuits in his life.
The Government of Sikkim duly acknowledges and commends Mr. Saraogi for his exceptional contributions, unwavering devotion, and steadfast dedication. The tangible success witnessed in the performance of both companies under his leadership stands as a testament to his remarkable tenure.
Here’s Copy Of Acceptance Letter