Title - KMRCL gets interim CEO for share trafer process period

As share transfer process brought the the work in East-West metro project to a standstill, a new post of chief executive officer(CEO) is being created in Kolkata Metro Railway Corporation (KMRCL) for smooth progress in the metro project.

H K Sharma, who was the director (projects and planning) in KMRCL, is going to be the CEO of the executive agency of the metro project for the interim period while share transfer process is on.

“The work in the project almost came to a standstill in absence managing director here since no one other than MD can sign bills, payments to contractors. The appointment of CEO will sort the problem,” an official said.

After the the union cabinet had approved the transfer of the project to Union ministry of railways as requested by West Bengal chief minister Mamata Banerjee, state-appointed managing director, B P Gopalika, was stripped of non-statutory powers.

The decision of appointing a CEO was taken in a meeting between state government officials and Union ministry of urban development secretary Sudhir Krishna, who is also the chairman of KMRCL. 

Meanwhile, the West Bengal government has formally given its nod to transfer its shares to Railways.

KMRCL has been asked to frame the fresh Article of Associations and memorandum of understanding, which would replace the earlier one signed in 2008. The Public Enterprise Selection Board (PESB) would select a new set of directors for the KMRCL.

KMRCL originally was a joint venture between West Bengal government and Union Urban development ministry, which was formed for developing the East West metro project that will connect Salt Lake to Howrah.

Following, the stake hand-over, Indian Railway will own 74% stake in the project, while Union Urban Development Ministry will hold the balance 26%.