- News Updates
- PSU Watch
- Defence News
- Policy Watch
- हिन्दी न्यूज़
- Jobs Watch
- States News
- Event News
New Delhi: At the end of August this year, Indian Oil Corporation Ltd (IOCL), India’s largest oil retailer, might be left with only three functional directors on its board if the government’s appointment process is not expedited, PSU Watch has learnt from sources. Most of the functional director positions on Indian Oil’s board are slated to fall vacant by the end of August. While the public sector head-hunter body has announced names for appointments to some of these positions, it is yet to conduct interviews for other positions, with only three months until August.
Currently, Indian Oil’s board has six functional directors — Chairman SM Vaidya, Director (R&D) SSV Ramakumar, Director (Pipelines) DS Nanaware, Director (Marketing) V Satish Kumar, Director (Refineries) Sukla Mistry and Director (Planning and Business Development) Sujoy Choudhury.
Due to delays in the appointment process, at the end of August, only three directors are likely to remain on Indian Oil’s board — Kumar, Mistry and Choudhury.
Currently, the positions of Director (HR) and Director (Finance) are already vacant at Indian Oil. After the government refused to extend the tenure of former Director (HR) Ranjan Kumar Mohapatra on May 2, the additional charge of the position was handed over to Choudhury.
In the case of Director (Finance), the Public Enterprises Selection Board (PESB) has already conducted interviews but has held off the appointment because of a Delhi High Court (HC) order. The HC is hearing a writ petition pertaining to the appointment of Director (Finance) at Indian Oil.
Over the course of the next three months, three of the six remaining directors on the board are set to superannuate. Indian Oil’s Director (Pipelines), Nanaware, will retire in June followed by Director (R&D), who will superannuate in July-end this year. Then the Indian Oil Chairman is set to superannuate on August 31 this year. This will leave only Kumar, Mistry and Choudhury on the board whose superannuation are due in 2024 and 2025.
On Tuesday, the PESB has appointed N Senthil Kumar to Director (Pipelines) post. The head-hunter has shortlisted candidates for the position of Indian Oil Chairman and interviews are likely to take place on May 16. The PESB has floated an advertisement for Director (R&D) position at Indian Oil but the application process has closed only recently on May 2. In the case of Director (HR), which is already vacant, the PESB is yet to release an advertisement for the position of Director (HR).
Even though candidates have been picked or will be named in a few days’ time for these crucial positions, it is unlikely that they will be ready to assume charge by August-end as the process after the selection of a candidate by PESB is long. The candidates picked by the PESB get clearances from anti-corruption bodies like the Central Vigilance Commission (CVC) and the Central Bureau of Investigation (CBI), after which their names are forwarded to the Appointments Committee of the Cabinet (ACC) for approval. The entire process takes about three-four months.
The matter has caused concern within Indian Oil and PSU Watch has learnt that it has even been taken up strongly by the Indian Oil Officers Association (IOOA). Sources said that the IOOA has written a letter to the Minister for Petroleum and Natural Gas Hardeep Singh Puri to intervene and expedite the appointment process to ensure all top positions are filled in time.
According to the PESB’s Compendium of Guidelines Regarding Board Level Appointments, advertisements for anticipated vacancies are to be issued well before a year the incumbent’s tenure ends. However, that has not been the case.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)
