R S Sharma selected as CMD of ONGC

By Staff
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Google Oneindia News

New Delhi, Aug 30 (UNI) The current acting CMD of ONGC Radhey Shyam Sharma has been selected for the post of Chairman and Managing Director after 14 candidates were interviewed today by the Public Enterprise Selection Board (PSEB).

Earlier the PSEB had decided to shortlist two candidates but finally narrowed down to Mr Sharma.

Mr Sharma's name will now be recommended to the Petroleum Ministry and thereby to the Cabinet Committee on Appointments (CCA).

The formal announcement of Mr Sharma as the CMD will be announced by the President of India within 90 days.

Pursuant to the five-year tenure of Mr Raha as CMD ending on 24th May 2005, Mr Sharma, the then Director (Finance) and the senior-most Director in the ONGC Board had taken over the additional charge as Acting CMD of ONGC, with effect from May 25 2006.

Mr Sharma, 56, is a Fellow Member of the Institute of Cost and Works Accountants of India and also an Associate Member of the Indian Institute of Bankers.

He joined ONGC Board as Director (Finance) in March 2002.

He is also on the Board of ONGC Videsh Ltd (OVL), the biggest Transnational Corporation of India, operating in 13 countries, Mangalore Refinery&Petrochemicals Limited (MRPL) -another subsidiary of ONGC, ONGC Mittal Energy Services Ltd (OMESL) and Indian Oil Corporation Ltd (IOC).

Among those who were in the fray along with Mr Sharma were ONGC Director (HR and Business Development) Dr A K Balyan and MD ONGC Videsh Limited (OVL) R S Butola.

Seven candidates were from the corporation itself which takes the figure to 50 per cent.

All board members of ONGC faced the interview.

Director General Hydro-Carbons Vinod Kumar Sibal was also among the contenders.

In May this year, the five-year stint of Mr Subir Raha as the Chairman and Managing Director of ONGC ended with the government deciding against giving him any extension.

''Consequent upon the expiry of the five-year term of Mr Raha as CMD ONGC on May 24, the competent authority has decided to give additional charge of the post of CMD ONGC, as an interim arrangement, to the senior-most full-time functional Director of ONGC, Mr R S Sharma, Director (Finance),'' a government statement had said.

This put to rest all speculations on whether Mr Raha, who has had clashes with the Government over production targets and issues of corporate governance including appointment of more Government nominees on the company board, would be given an extension or not.

The government also said that it has decided to initiate the selection process for a new CMD through the Public Enterprises Selection Board (PESB).

The denial of an extension for Mr Raha till August 2008, when he would reach 60 years of age, was based on the negative remarks on his performance by the former Petroleum Minister Mani Shankar Aiyar, and the former Petroleum Secretary S C Tripathi.

The findings of the T N R Rao Committee Report on the fire at a Bombay High oil platform last year is also said to have played a role against him, sources say.

UNI RT CS RS1850

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