Managing Director Of AMTZ Jitendra Sharma Becomes Problem For Investors

The working style of the Managing Director of Andhra Pradesh Meditech Zone (AMTZ) can stain the reputation of this excellent project. It is alleged that Jitendra Sharma, Managing Director of AMTZ, is getting the work done in a dictatorial manner. This is to be noted that the state government also took away important responsibilities from him twice due to the allegations of corruption. But both times he was also reinstated within just two months. It is surprising that neither any AGM has been conducted for five years nor any audit has been done.

Andhra Pradesh Meditech Zone Limited was established by the Telugu Desam government of Andhra Pradesh in 2016 to give a new direction to the manufacturing of medical technology and medical devices. In which Dr. Jitendra Sharma was posted as CEO. But the businessmen who have done excellent work by investing here are now getting worried. It is alleged that Jitendra Sharma not only exploits them but is also harming them financially. The state government has also taken action against them twice. But on the basis of political clout, he made a comeback again. Perhaps this is the reason why he is also being accused of not following the company laws properly.

Who is Dr. Jitendra Sharma?

Jitendra Sharma, who became the CEO of AMTZ in 2016 due to his closeness with Chief Minister Chandrababu Naidu, was often accused of working. But after the change of power in 2019, YS Jagan Reddy’s government started investigating such allegations. This was the reason that in September 2019, Kartikeya Sharma, a 2009 batch IAS officer, appointed as the Managing Director of AMTZ after removing Jitendra Sharma from the post. Jitendra Sharma was accused of financial irregularities in the procurement of equipment and civil works done during the establishment of Meditech Zone under his leadership.

Managing Director Of AMTZ  returned in just two months

The government, which showed Jitendra Sharma way out of AMTZ with strong claims of corruption against him, could not stick to its announcement even for two months. This is the reason why he was appointed back in just two months i.e. in November 2019. According to the sources, the then Union Health Minister intervened to get him re-appointed.

Controversy coming back with re-appointment

With the return of Jitendra Sharma, voices started rising again regarding corruption in AMTZ. When a local English newspaper of Andhra Pradesh published news on this issue, Jitendra Sharma again got into trouble. It was alleged that he had carried out financial scams under the patronage of the Principal Health Secretary. This was the reason that on 11 December 2019, Chief Minister YS Jagan Reddy removed Jitendra Sharma from the post of Managing Director. Rajat Bhargava – Principal Secretary, Industries Department, was posted as Managing Director in his place. This time Jitendra Sharma was left with only the responsibility of an advisor. According to sources, the Chief Minister had also taken away administrative and financial rights from him on the advice of a top official.

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Reappointment once again!

The government, which claimed to investigate the scams and till then keep Jitendra Sharma away from important responsibility, could not stick to its decision even for two months. This was the reason that on January 30, 2020, Jitendra Sharma was again made the Managing Director and CEO of AMTZ. After which those who raised their voice against him realized that they could not do anything against Sharma. Perhaps this is the reason why Sharma’s decisions have started becoming a headache for investing entrepreneurs. One such investor has also taken the initiative to take legal action against AMTZ. While another investor has filed a case in NCLT.

Neither AGM nor audit

It is surprising that AMTZ Limited has not even held any AGM after 2018. According to the information available on the website of the Ministry of Corporate Affairs, AMTZ, the last AGM of the company was held on September 2018. Not only this, the accounts of the company have also not been audited. While, AMTZ gets funds of crores of rupees from the state and the centre. In such a situation, the allegations of financial irregularities are also giving rise to the apprehension of a big mess.