Sarraf new ONGC chief, Moily proposal for Vasudeva cast aside

Tags: News
Rejecting Oil Minister M Veerappa Moily's proposal to give Sudhir Vasudeva a post-retirement extension, government today appointed Dinesh K Sarraf as the new head of Oil and Natural Gas Corp, the nation's most profitable company.

The Appointments Committee of the Cabinet (ACC) approved appointment of Sarraf, who at present is the Managing Director of ONGC's overseas arm, ONGC Videsh Ltd.

Sarraf replaces Vasudeva, who turned 60 yesterday and is due to superannuate on Friday.

Sources in the Oil Ministry said the ACC, whose members include the Prime Minister, Home Minister and the minister of the ministry concerned, approved the appointment of Sarraf based on August 30 recommendation of the Government headhunter Public Enterprises Selection Board (PESB).

The appointment of Sarraf, 56, comes even as Moily was keen on getting Vasudeva one-year post-retirement extension on the plea that his appointment was delayed by eight months due to false complaints. Also, ONGC needed his presence to complete ongoing strategic initiatives.

The Ministry, they said, had forwarded to ACC a proposal containing two sets of options -- give Vasudeva an extension or appoint Sarraf as the next Chairman and Managing Director of Oil and Natural Gas Corp (ONGC).

While Sarraf had all clearances, Vasudeva did not have approval of anti-corruption watchdog CVC which on February 10 had told the Ministry that there were "a total number of six complaints/cases against Vasudeva which are pending in the ministry and are yet to be taken to their logical conclusion".

The ministry, which in the proposal to the ACC, stated that CVC approval for Vasudeva might be taken post-facto, in a statement said the extension of Vasudeva was recommended by Moily "purely on merit and in the interest of the organisation i.E. ONGC."

EDITORIAL OF THE DAY

  • It is for the market, not the government to decide the fares of private air carriers

    In a country where substantial lip service is paid to the glories of a free economy and laissez faire, there is enough evidence to suggest that in rea

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture