Mindtree co-founder, CA, tax advocate named on IOC Board

Nearly 18 months after it removed four UPA nominees on board of Indian Oil Corporation (IOC), the government has appointed three independent directors, including Mindtree co-founder Subroto Bagchi.

In a regulatory filling, the nation's biggest company by turnover said that with effect from December 2, the government has appointed Bagchi, Chandigarh-based chartered accountant Sanjay Kapoor and Ahmedabad-based tax advocate Parindu K Bhagat on its board.

The company has seven functional directors, including the chairman, and two government nominee directors. As per Sebi's listing rules, it needs an equal number of independent directors, but so far, it has only three. After coming to power in May last year, the BJP government has sought removal of all the appointees of the previous UPA government. Four of them K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee who were appointed only on March 20, 2014 were removed by not putting up the resolution confirming their appointment before the shareholders.

A day after the company annual general meeting, IOC told the stock exchanges that "K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be independent directors on the board of the company on August 27, 2014". 

All appointments to the board, including functional directors, have to be ratified by its shareholders.