Former Union (Petroleum) Secretary Vivek Rae resigned as Independent Director from the board of Indian Oil (IOC) due to differences with the company management. However, Rae cited personal reasons for his resignation. He was appointed as an Independent Director on the board of IOC in September 2017. His tenure was scheduled to end in September 2020.
In a regulatory filing, IOC said that Rae has ceased to be a Director on the board of IOC with effect from June 4, 2018, consequent upon his resignation on June 3, 2018.
Though the IOCL did not give reasons for his resignation but, reportedly, he differed with the company management on several issues which eventually led to his decision. It is believed that he did not agree with the way proposals were brought to the board, particularly those pertaining to projects where a decision would already be taken and board's nod was just customary.
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Why did Vivek Rae (Rtd IAS) resign from IOC board?
By IndianMandarins - 2018-06-07 11:15:03
Former Union (Petroleum) Secretary Vivek Rae resigned as Independent Director from the board of Indian Oil (IOC) due to differences with the company management. However, Rae cited personal reasons for his resignation. He was appointed as an Independent Director on the board of IOC in September 2017. His tenure was scheduled to end in September 2020.
In a regulatory filing, IOC said that Rae has ceased to be a Director on the board of IOC with effect from June 4, 2018, consequent upon his resignation on June 3, 2018.
Though the IOCL did not give reasons for his resignation but, reportedly, he differed with the company management on several issues which eventually led to his decision. It is believed that he did not agree with the way proposals were brought to the board, particularly those pertaining to projects where a decision would already be taken and board's nod was just customary.
