Govt Sacks Four IOC Directors

Published: 29th August 2014 06:00 AM  |   Last Updated: 28th August 2014 11:45 PM   |  A+A-

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)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp