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Ad hoc arrangement announced for IOCL and HPCL; Vaidya’s era is over

By IndianMandarins- 28 Aug 2024
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New Delhi (28.08.2024): Till evening today a section of stakeholders in the Oil & Gas sector presumed that the incumbent IOCL Chairman Shrikant Madhav Vaidya might get extension one more extension for three months but the speculations turned flat and the era of Vida faded away. The Govt late evening entrusted the additional charge of IOCL Chairman to Satish Kumar Vaduguri (Director- Marketing, IOCL) for a period of three months w.e.f. 01.09.2024. A section of insiders presumed Vaidya among the rarest lot who often dictated their terms. It may be underlined that the Search-cum-selection-committee (SCSC) has already made its recommendation for a successor to Vaidya but the ACC ratification is still awaited.
Further, Hindustan Petroleum Corporation Limited (HPCL) also witnessed an ad-hoc arrangement for itself. Three days ahead of the retirement of the outgoing CMD Pushp Kumar Joshi the Centre assigned the additional charge to Rajneesh Narang (Director- Finance, HPCL) for a period of three months w.e.f. 01.09.2024 or till the appointment of a regular incumbent. Joshi is retiring on 31.08.2024. Interestingly, an attempt to select Joshi’s successor failed in June this year when PESB failed to find a suitable candidate. Reportedly, an SCSC is being constituted shortly to select Joshi’s successor.    

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