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Looting farmers: Iffco bosses siphon Rs16.45 cr

Saturday, 06 April 2013 | Rajesh Kumar | New Delhi

At a time when farmers across the country are committing suicides for unable to bear the burden of rising debts, top brass of Indian Farmers Fertiliser Cooperative Limited (Iffco) have been gobbling up mind-boggling amounts in the form of incentives. The total money disbursed by Iffco between 2010-11 and 2011-12 to its Chairman, MD and other senior officers is a whopping Rs 1,644.08 lakh.

The brazen loot of farmers' money has been going on unabated under the active patronage of Chairman NP Patel, Managing Director US Awasthi and other senior babus. Interestingly, representatives of Iffco employees' union and officers' association from Aonla, Kandla, Phulpur, Kalol and Paradeep units raised voice against misappropriation of fund in July last year, but to no avail. Managing Director US Awasthi did not heed to their petitions as he happened to be a major beneficiary of this largesse.

The documents available with The Pioneer reveal that a provision for special incentives was introduced for Board of Directors (to both functional and non-functional babus, including IAS officers representing federations) and Rs 1,644.88 lakh were paid to them in May 2012.

Besides this, other key officials were also given special incentives in lakhs of rupees despite strong protests by officers' associations and various employees' unions of Iffco. In 2010-11, it stood around whopping Rs 825.76 lakh, while Rs 818.32 lakh was paid to them in 2011-12. 

Awasthi not only got a sprawling mansion in South Delhi's posh colony but also has been receiving other incentives and pension benefit to the tune of Rs 511.82 lakh in the last two years. His deputy, Joint MD who also got a house in Vasant Vihar, received Rs 346.10 lakh as incentive and pension benefit during the same period. KL Singh, Director (Technical), received Rs 38.64 lakh in 2010-11 and Rs 35.64 lakh in 2011-12 as incentives. GN Saxena, Director (Coop, development), received Rs 72.12 lakh, while RP Singh, Director (Legal and HR), got Rs 73.03 lakh under special incentive scheme during the same period. Arabinda Roy, who holds the position of Marketing Director of Iffco, received Rs 71.88 lakh while Manish Gupta, who holds the position of director (strategy), received Rs 41.69 lakh in the past two years.

Following The Pioneer expose that Iffco MD gifted himself a plush bungalow in South Delhi, Awasthi had written a letter to Iffco chairman NP Patel asking him to take back the gifted house. Joint MD Rakesh Kapoor had followed suit. This is probably the first case of property transaction in the National Capital where the stamp duty for transaction of conveyance deed was paid by the seller itself.

There is a list of Board of Directors, including Late Surender Kumar Jakhar, NP Patel, S Nakai, RCS Pradhan, HB Achar, G Dhanaja, Anil Malik, HS Jassi, JS Wahid, KC Sarkar, Umesh Tripathi, Ramakant Bhargawa, Tapesh Pawar, RK Meena, RP Patil, PV Hiray, AR Tope, PC Munshi, TG Sirsath, VBH Radadia, Pramod Kumar Singh, Sheeshpal Singh, RP Singh, Simchal Padhy, KS Gowda, AP Reddy, BS Vishwanathan, Raj Kumar Tripathi, A Shankarlingam and K Balasubramanium, who received incentives in 2010-11 and 2011-12.

"The anguish and disappointment over the reported free distribution of houses to top officials has not subsided. The massive payment of incentives to key officials has added fuel to ire. Officials of this great organisation have never adapted themselves to such atrocious and baseless acts. The decision to pay incentives to the key officials has angered the hard working officers and workers of the organisation," said a letter written by employees' unions and officers association of Iffco.

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