Millennium Post

IndianOil chairman appointment delayed

Key PSU appointments, including chairman of nation's largest firm Indian Oil Corp (IOC), have been delayed as outgoing Prime Minister Manmohan Singh did not sign any non-urgent file during his last days in office.

As many as 56 files, many of them pertaining to approval for appointments at state firms, were put up to Prime Minister in last 7-10 days but Singh returned them saying they should be considered by the new government under Narendra Modi, sources privy to the development said.
Modi, who led BJP to the nation's biggest election win in 30 years, is likely to be sworn in later this week and it may be at least couple of weeks before the appointment files are cleared.

Among the appointments that have been delayed are naming of the new chairman of IOC. The current incumbent R S Butola retires at month-end and his successor in B Ashok was selected by government head-hunters Public Enterprise Selection Board (PESB) in October 2013.
Sources said his candidature was cleared by anti corruption watchdogs CVC and CBI. Oil Minister M Veerappa Moily last month moved the file for his appointment to the Appointments Committee of the Cabinet (ACC), they added.

After being cleared by Home Minister Sushilkumar Shinde, the file was put to Prime Minister who on Monday decided not to sign it and leave the
appointment to the next government, they said.

Moily is believed to have spoken to Prime Minister after that but Singh did not change his position.
B Ashok, Executive Director (Retail Sales) at IOC, was on 9 October, 2013 chosen to head the company after PESB interviewed six candidates.
Ashok, 56, who has wide experience in marketing and international operations at IOC, will have a three-year tenure as chairman.
GAIL Chairman and Managing Director B C Tripathi, who was among 11 candidates shortlisted for interviews for the top job at IOC, did not appear before the PESB.

Sources said IOC's seven directors were ineligible for the post because none of them has the requisite two years of remaining service. The current IOC board comprising of the chairman and seven functional directors will retire between May 2014 and October 2015.
IOC is the world's 88th largest corporation, according to the Fortune Global 500 list, and the largest public corporation in India by revenue. It controls about half of the fuel market in the country and has a 31 per cent share in refining capacity in India.It owns and operates 10 of India's 22 refineries with a combined refining capacity of 65.7 million tonnes per year.
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