Government starts looking for new chairman of Indian Oil

6 Jun 2024 , 01:12 PM

On Tuesday, the oil ministry began the process of choosing a new chairman for Indian Oil Corp., igniting rumours that S M Vaidya, the current chairman who has been in office for a long time, might not be granted another term.

The Public Enterprises Selection Board chairperson Mallika Srinivasan, oil secretary Pankaj Jain, and CEO of Ratnagiri Refinery and Petrochemicals Ltd. Mukesh Surana will serve on the search-committee that will choose the candidates.

News reports stated that there was no need to interpret the timing too much and that all candidates are welcome to apply, with the qualifying requirements not favouring the incumbent.

As per the job advertisement, applicants must be working for the government, a state-run business, or a private corporation on September 1, 2024, “in a regular capacity – and not in a contractual/ad-hoc capacity.” If they are employed by Indian Oil, they must not be older than 58 years old.

Vaidya doesn’t fit the requirements because he turns 61 in August. After a rare government reappointment order, he was immediately hired back on a one-year contract to continue in his role as IOC chairman, which he had retired from last August.

According to the job advertisement, “the selection committee may also recommend relaxation in the eligibility, age, and qualifications/experience criteria in respect of outstanding candidates.”

In the process of selecting a new chairman for Oil and Natural Gas Corp. (ONGC) in 2022, the selection committee modified the requirements to include retired executives. This aided the committee in selecting retired BPCL chairman Arun Singh as the new ONGC chairman.

The Appointments Committee of the Cabinet (ACC) only approved SM Vaidya’s one-year tenure extension last year, despite the petroleum ministry’s recommendation for a two-year extension. The prime minister’s office turned down the petroleum ministry’s request for a further one-year extension for Vaidya before to the general election.

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