The saga of the selection of Indian Oil’s chairman will end this week

NewsIP had promised its readers that it would continue to keep its readers informed of one of the greatest mysteries of modern corporate India. The selection of Chairman Indian Oil is turning out to be quite titillating.

However, the mystery surrounding the appointment is expected to be resolved this week, with the name likely to be announced. According to NewsIP sources, but for a foreign travel, the name would have been announced last week. The possibility of related ministers to be present in the ministry on the 21st is strong.
Notwithstanding the possibility of ultimate and untimely announcement, several questions are being asked by the now disgusted Oil & Gas Sector vigilantes.

– Will the current chairman be given an extension and for how many days?
– Will someone else be given an additional charge upon expiry of the current Chairman’s tenure?
– Is it possible to appoint a new Chairman and clear the appointment at such a short notice?

Although some experts submit, it seems unlikely that the current chairman will get another extension, but the incumbent is known to produce a rabbit out of the hat at the last moment. Nothing seems impossible. Though it’s being said in the Oil & Gas circles that he is, allegedly, rapidly losing popularity. It’s also intriguing that capable candidates of HR cadre were totally kept out of the race for Chairman IOCL. It seems odd that earlier ONGC was headed by a person of HR Discipline and currently HPCL is also headed by HR Disciple person.

Regarding giving additional charge to someone else, NewsIP sources said that the name of the Director of Marketing, IOCL, is being discussed, but had not received green signal from the ministry at the time of writing.

As for the appointment of a new Chairman, the likely person being considered for the post of IOCL CMD was himself appointed in October 2022, and the appointment clearance was obtained from the relevant department. Then, in October 2023, the annual clearance was obtained. According to NewsIP’s Vigilance expert, it is not difficult to obtain clearance for such a person for a new post, as the clearance from the time of their appointment and annual clearance is usually obtained on a designated time basis and new clearance can be obtained within one to two days.

NewsIP is keeping an eye on the entire issue and developments will be shared accordingly