PSU Watch logo

| BEML posts highest-ever turnover of Rs 3,557 crore during FY 2020-21 |   | NCL extends Rs 10 crore to MP govt for setting up 5 oxygen plants |   | ‘With commercial auction tranche 2, govt moving towards rolling auction of coal mines’ |   | Only one-eighth of India’s target to deploy 2 mn solar pumps achieved so far: IEEFA |  

Corruption complaints received against Petronet LNG CEO

Pradhan said that the ministry has received several complaints of alleged corruption against the CEO and other officials of Petronet LNG Ltd

Corruption complaints received against Petronet LNG CEO
Corruption complaints received against Petronet LNG CEO

New Delhi: Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Monday that the ministry has received several complaints of alleged corruption and involvement in irregular activities against the CEO and other officials of Petronet LNG Ltd. He added that the complaints against the Managing Director and CEO of Petronet and other officers have been forwarded to the Chairperson of Audit Committee of the company for appropriate action.

Prabha Singh has held the charge of the post of Managing Director and CEO of Petronet LNG Ltd, India’s biggest liquefied natural gas importer, since September 2015. His five-year tenure ends in six months from now and he is eligible for a two-year extension of service till he achieves the superannuation age of 65 years.

‘Petronet audit committee looking into corruption complaints’

The information was shared by Pradhan in response to a question posed by Shiv Sena MP Krupal Balaji Tumane in the Lok Sabha. “Several complaints have been received in Ministry of Petroleum and Natural Gas against MD & CEO, PLL and other officers of PLL regarding alleged corruption/irregularities which were forwarded to Chairperson, Audit Committee, PLL for taking appropriate action,” Pradhan said without elaborating on the exact nature of complaints.

He added that Petronet has its own board-approved vigilance mechanism whereby the board has nominated Chairperson, Audit Committee as nodal officer to deal with all the complaints received against functional directors. On being asked by Tumane if the government has conducted any investigation into the complaints received, Pradhan said, “PLL (Petronet LNG Ltd) is a board managed company and not a government company as per Companies Act. “Further, Audit Committee of the Board reviews and monitor auditing mechanism and ensures compliance to best auditing and corporate governance practices,” he said.

Four government oil and gas PSUs — Bharat Petroleum Corp Ltd (BPCL), GAIL India Ltd, Indian Oil Corp (IOC) and Oil and Natural Gas Corp (ONGC) — hold 12.5 percent equity stake each in Petronet LNG Ltd.

(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)