In a rare move, the government has re-appointed A K Sharma as the Director (Finance) of Indian Oil Corp (IOC). This is a first under the current government at the Centre, where a PSU director has been re-employed in the same position after retirement.
Sharma, who was superannuated as Director (Finance) of IOC on January 31, has been appointed for three months in the same position, the company said in a regulatory filing. It, however, did not divulge any specific reasons for his extension.
However, officials with knowledge of the matter said Sharma, who as the finance head of IOC was also in charge of the pricing of petrol, diesel and other fuels, has been re-employed keeping in mind the impending general elections.
The government, they added, does not want to take chances with retail fuel prices and has preferred an old and experienced hand to handle it. The initial proposal was, however, moved to reemploy Sharma for six months but sources said that Oil Minister Dharmendra Pradhan curtailed it to three months before forwarding it to the Appointments Committee of Cabinet (ACC).
The last time a similar reappointment was made was on December 31, 2013, when B Prasada Rao was given a two-year extension as Chairman and MD of state-owned power equipment maker BHEL on the day he attained the superannuation age.