DC
In order to appoint a new chairman of the nation’s biggest state-owned oil retailer, Indian Oil Corporation (IOC), the Centre has constituted a three-member search-cum-selection committee, which will be headed by the government head-hunter Public Enterprises Selection Board (PESB) chairperson, including the oil secretary as a member. However, no timeframe has been set for the selection of the new IOC head, according to the government.
As per an official order issued on October 7, former Hindustan Petroleum Corporation Ltd (HPCL) chairman MK Surana is the third member on the committee. “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the oil ministry for constituting a search-cum-selection committee to find a new chairman of IOC,” the order said.
IOC’s was the second instance in recent months where PESB did not find a suitable candidate for the top job at blue chip oil companies and retired personnel were given charge. The government in August gave a one-year post-retirement extension to IOC’s incumbent chairman Shrikant Madhav Vaidya – a rare event for anyone on the board of a state-owned company.
