Joshi blocks OVL plans for two additional directors

Vol 8, PW 13 (22 Sep 04) News in Brief

Joint secretary exploration Sunjoy Joshi has blocked plans to create two additional full-time positions on the 8-member board of ONGC Videsh.

On 1st September Joshi wrote to ONGC chairman Subir Raha that the appointment of a new director projects and director commercial at OVL must wait until the OVL board is restructured in line with guidelines from the Department of Public Enterprises. There should not be any fresh appointment until a final view is taken on restructuring of the board, writes Joshi.

With more and more acquisition of assets abroad, OVL is struggling to cope with the mountain of work from its expanding overseas portfolio. How can one do justice with only a single full time director a source tells this report.

Only OVL managing director RS Butola is a full-time director at OVL. Butola also holds additional charge of finance director.

Other OVL directors are from parent company ONGC and the ministry.