NEW DELHI: The government on Thursday removed four independent directors (including a former secretary) who were appointed by the UPA government in India’s largest oil marketing company, the Indian Oil Corporation (IOC).
In its filing to the stock exchanges IOC said, “K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be Independent Directors on the Board of the company on August 27, 2014.”
All these directors were appointed in March for a three-year tenure. Their appointment was
to be confirmed/ratified by the company shareholders but IOC did not move a resolution to this effect at its annual general meeting (AGM) in Mumbai on Wednesday.
The new government wants to change all previous UPA appointed directors but to start with it is looking at appointments that need confirmation now, they said.
Of the 8 independent directors on IOC board, four are -- K Jairaj, former Additional Chief Secretary, Karnataka; Nesar Ahmed, past president of ICSI; Sunil Krishna, former director general of NHRC, and Sayan Chatterjee, former Secretary to government of India, cease to be directors on company board.
Independent directors of a PSU are appointed by the Appointments Committee of Cabinet (ACC) which consist of the Prime Minister and the Home Minister.
(With agency inputs)