Indian Oil Chairman SM Vaidya Set to Extend Tenure; Proposed by Ministry
The final decision on the proposal will be made by the Appointments Committee of the Cabinet.
New Delhi: Indian Oil Corporation (IOC) chairman, SM Vaidya, is likely to get an extension of two years after his retirement age of 60 in August, as proposed by the Ministry of Petroleum and Natural Gas.
This comes after all 10 candidates interviewed for the IOC chairman position were rejected by the Public Enterprises Selection Board (PESB) in May, prompting the ministry to seek alternative selection mechanisms.
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It is uncommon for a state-run enterprise chief to get an extension beyond the retirement age, but Arun Singh's appointment as the chairman of ONGC has changed the industry's view.
Mostly the state-run enterprise appointed the chiefs for five years or until they retire.
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The final decision on the proposal will be made by the Appointments Committee of the Cabinet, and sources believe that Vaidya is likely to receive the extension despite the PESB's rejection of all candidates.
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