K Padmakar takes additional charge as BPCL CMD as D Rajkumar retires

• The news comes a day after former BPCL CMD D Rajkumar superannuated on August 31

• Padmakar has been entrusted with additional charge of CMD's post until further orders by the Ministry of Petroleum & Natural Gas through a letter dated September 1

New Delhi: In the run-up to the oil PSU's disinvestment, Bharat Petroleum Corporation Limited (BPCL) Director (HR) K Padmakar has taken additional charge of the post of Chairman and Managing Director (CMD) of the state-run oil marketing company on Tuesday, an internal communication accessed by PSU Watch has shown. The news comes a day after former BPCL CMD D Rajkumar superannuated on August 31. PSU Watch had earlier reported, quoting sources, that Padmakar is slated to take additional charge of the post after Rajkumar's superannuation. 

Also read: K Padmakar to take over as acting CMD of BPCL until privatisation: Sources

Additionally, in a late-night regulatory filing to the stock exchanges, BPCL said, "Shri D Rajkumar, Chairman and Managing Director and Shri R.Ramachandran, Director Refineries, have superannuated from the Corporation's service as at close of work on 31st August 2020. Shri K Padmakar, Director (HR) has been entrusted with additional charge of Chairman and Managing Director until further orders by the Ministry of Petroleum & Natural Gas through their letter dated 1st September 2020." 

Petroleum Ministry had placed new appointments on hold in Feb

The vacancies for the post of BPCL's CMD and Director (Refineries) were floated by the PESB (Public Enterprises Selection Board) in January, and interviews were set to take place in February. However, on a direction issued by the Ministry of Petroleum and Natural Gas, the new appointments were put on hold at the time, said a source.

The backdrop

The government has extended the deadline for submission of bids for the strategic disinvestment of BPCL to September 30 in the wake of requests from interested bidders and the "prevailing situation arising out of COVID-19." For fiscal year 2020-21, the government's big strategic disinvestment plan includes Air India, BPCL, CONCOR and Shipping Corporation of India, and LIC IPO.

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