New Delhi: After giving a rare extension to SM Vaidya, the current Chairman of Indian Oil Corporation Ltd (IOCL), the government has now constituted a Search-cum-Selection Committee (SCSC) for the selection of a chief on “immediate absorption basis” for the country’s largest oil retailer. In an official order dated October 7 accessed by PSU Watch, the Department of Personnel & Training said, “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Ministry of Petroleum and Natural Gas for selection to the post of Chairman, Indian Oil Corporation Limited (IOCL), on immediate absorption basis, through a Search-cum-Selection Committee (SCSC) as a one-time measure...”
The SCSC constituted by the government comprises the Chairperson of the Public Enterprises Selection Board (PESB), Mallika Srinivasan, and Petroleum Secretary Pankaj Jain. In addition, the government has also roped in MK Surana, former Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Ltd (HPCL), as an outside expert of eminence.
In a first-of-its-kind instance in August this year, the government had extended the tenure of Vaidya by one year, starting from September 1, 2023 to August 31, 2024. The Public Enterprises Selection Board (PESB) held interviews for the position of Indian Oil Corporation’s (IOC) Chairman on May 16 this year but had rejected all 10 candidates. It had instead asked the Ministry of Petroleum and Natural Gas to constitute a search-cum-selection committee (SCSC) for the selection of a candidate for the top position. However, the government had extended the tenure of the incumbent Chairman, Vaidya, by one year at the time. This was a rare case where a retired PSU executive had been given an extension post-superannuation.
Since the extension granted to Vaidya will expire next year, the government has now constituted an SCSC to select a CMD for Indian Oil.