Extension denied to Vasudeva, ONGC to get new chief

Prime minister Manmohan Singh clears name of D K Sarraf for top post. Sarraf to assume charge from March 1

GN Bureau | February 27, 2014



State-run explorer ONGC is all set to get a new chairman and managing director Dinesh Kumar Sarraf after prime minister Manmohan Singh cleared his name for the post on Wednesday. A proposal to extend the term of incumbent Sudhir Vasudeva by oil minister Veerappa Moily was denied by the PM, according to newspaper reports.

Sarraf, 56, is the managing director of ONGC Videsh, ONGC's overseas acquisitions arm, and will take over from Vasudeva who retires on February 28.

The appointment committee of cabinet (ACC) had decided in favour of Sarraf, who was recommended by the government headhunter the public enterprises selection board (PESB) in August last year. ACC, which is headed by the PM, declined Moily's recommendation of giving an extension to Vasudeva against whom there are some pending vigilance cases.

In a statement issued on Wednesday, oil ministry said the extension of Vasudeva was recommended by Moily “purely on merit and in the interest of the organisation.” However, some ONGC board members had questioned the rationale.

PESB had chosen the head of ONGC's foreign arm, Sarraf, as the new chairman after he outperformed three other candidates for the most coveted job in the public sector. Sarraf was appointed as the managing director of ONGC Videsh two years ago to succeed R S Butola. Before moving to ONGC Videsh, Sarraf had worked as the director (finance) in ONGC for about four years.

Comments

 

Other News

I believe we are at crossroads, says deputy governor RBI

  Only a bank that fears losing its deposit base or incurring the wrath of its shareholders is likely to recognise losses in a timely manner. In many of our banks, such market discipline is simply not present at the moment, said RBI deputy governor Viral V Acharya.  

India improving rice variety for flood prone areas

Farmers would no longer have to fret when the surging river water inundates their fields as scientists are working on rice varieties that are hardy and would grow in fields which have been submerged by flash floods. Dr Nitendra Prakash of crop research station at Bahraich, Uttar Pradesh told

At 55.28% BMC sees highest voter turnout in 25 years

Mumbai recorded its highest ever turnout in the civic elections on Tuesday with 55.28% voters exercising their franchise. Voter turnout in R Central ward of Charkop-Borivali was 61.5% followed by 60

A mirage called disinvestment

The government is getting ambitious. It wants to divest some PSU shareholding and raise a staggering Rs 72,500 crore during the 2017-18 fiscal. The mood is upbeat among finance ministry mandarins due to the heartening performance of the exchange traded fund (ETF), a basket of 10 bluechip central public ser

Cash Donations: More opacity with legal backing too

While presenting the budget, the finance minister made an announcement about making donations to political parties more transparent. If the proposals to amend the relevant laws are approved by parliament, from April 2017 donations to political parties can be made in cash only up to Rs 2,000; payments of hi

Is UP headed for a hung assembly?

Is UP headed for a hung assembly?

Video

क्या बागी हो गए हैं वरुण गांधी?
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter