Petronet LNG’s ex-MD & CEO Prabhat Singh joins RIL-BP’s IGS without ‘cooling off’

New Delhi: Former Petronet LNG Ltd Managing Director and CEO Prabhat Singh, who superannuated recently in September, has joined India Gas Solutions. Singh has joined the Business Leadership team of India Gas Solutions, an internal e-mail accessed by PSU Watch said. The company is a joint venture between Reliance Industries Ltd (RIL) and British Petroleum (BP). "Prabhat brings with him over four decades of experience in the Energy industry. He joins us from Petronet LNG, where he was the MD & CEO. He has previously held leadership positions across various organisations including Director-Marketing at GAIL India, Director-BD & Strategy at BGEPIL & GGCL (a British Gas subsidiary), Chairman-Ratnagiri Gas & Power etc," the e-mail said.

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This is the second instance in the past few months when the top boss of a public sector company has taken up a role in the private sector without 'cooling off.' Earlier in August, former Indian Oil Chairman Sanjeev Singh joined Reliance Industries Limited (RIL) as Group President and member of the oil-to-chemicals (O2C) business leadership team two months after superannuating from service. 

Prabhat Singh's career & background

Singh holds a B Tech degree from IIT-Kanpur. He has also received the "Distinguished Alumnus Award' for his contributions to the nation and the gas sector. He is recognised for the implementation of the "world's largest exclusive LPG pipeline" (Jamnagar-Loni) from concept to commissioning. Singh has represented India at several renowned forums. 

What is the cooling off period?

According to the nodal department that oversees these matters in the PSU sector, an official retiring from the Chairman or Director rank is expected to follow a one-year cooling off period before joining any other organisation. "No functional Director of the company including the Chief Executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from his/her date of retirement without the prior approval of Government," DPE guidelines state. However, approvals are given by the administrative ministry on a case-to-case basis.

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