(PTI)
Shashi Shanker has been appointed Chairman and Managing Director of India’s biggest oil and gas producer, ONGC, till March 2021. The Appointments Committee of the Cabinet (ACC) named Shanker, who is currently Director (Technical and Field Services) at ONGC, as CMD till his superannuation, as against an initial one-year term proposed by the Oil Ministry.
The ministry had, in a departure from past norms and guidelines, earlier this month recommended to the ACC that Shanker be appointed for an initial one-year term instead of the usual five-year period, sources in the know of the development said. During this one-year term, his performance was proposed to be reviewed every quarter instead of the current practice of review after one year, they said.
ACC, headed by Prime Minister Narendra Modi, however, appointed Shanker as Chairman and Managing Director of ONGC “till the date of his superannuation or until further orders, whichever is earlier”, an official order issued last evening said.
