Mumbai, June 5 :    Mumbai, June 5:  HMT Ltd, the public sector engineering company, is in the throes of a major crisis as its organisational restructuring plan is now hanging fire for nearly two years. R.A. Sharma, the acting chairman of the company, has resigned. But the government is yet to release him as the ministry of heavy industry has not picked his successor yet. According to sources, the ministry is dithering on the issue because the two names that have been shortlisted are under the investigation of the Central Vigilance Commission because of the alleged misdemeanours of the two candidates. While in the case of the first candidate, the company has recommended exemplary punishment, preliminary investigation against the second candidate is still on as allegations of the individual resigning from HMT and joining a Saudi Arabian company abound. HMT's performance has steadily declined over the years with the turnover of the company declining by over 40 percent during the last five years. The turnover of the company has come down from Rs 956 crore in 1996-97 to Rs 600 crore in 2001-02 despite a turnaround package and financial assistance of Rs 800 crore given by the government in July 2000. The turnaround plan approved by the Union Cabinet in July 2000 comprised organisation restructuring, financial restructuring and man-power restructuring. While financial and man-power restructuring proceeded as per plan, organisational restructuring remained on paper. Under the turnaround plan three new subsidiary companies were formed under the guidance of the holding company (HMT Ltd). Three managing directors and 12 directors should have been selected and posted to head individual subsidiary company. However, not a single post has been filled up till date, say sources at HMT. The blame is squarely laid on the ministry of heavy industries and the holding company (HMT Ltd). Sources say that neither the ministry nor the holding company is serious and they are dilly-dallying on the postings, sources said. The ministry is yet to fix the responsibility and accountability of each of the subsidiary. HMT sources say that the delay in appointing heads for the three subsidiaries and the holding company will hit the PSU hard in the days to come.