More drama in IndianOil chairman selection
More drama surrounds the never-ending selection process to replace outgoing IndianOil chairman SM Vaidya.
In a dramatic reversal of fortune, this report can disclose that GAIL chairman Sandeep Gupta’s name was not among four candidates whose files the oil ministry forwarded to the Central Vigilance Commission (CVC) on September 1 (2024). "The ministry asked the CVC to clear the files within two days (by September 3, 2024)," says a source.
The four names are director refineries Arvind Kumar; Sanjay Parashar, ED supplies; Arvindar Singh Sahney, ED petrochemicals (and incoming IndianOil director BD); and Saumitra Srivastava, ED retail. On August 22 (2024), we reported how GAIL chairman Gupta’s apparent selection for IndianOil chairman on August 11 (2024) sparked widespread industry criticism as too secretive.
A source tells us that days later, on August 25 (2024), oil minister Hardeep Puri, PESB chairperson Mallika Srinivasan and others met at Puri’s home to decide Gupta’s fate. "Another reason to meet on a Sunday was to prevent information leaking," adds our source.
A similar meeting was held on September 1 (2024) at Puri’s residence. "During this meeting, the names of the candidates to be sent for the CVC clearance were discussed and finalised," we hear.
Our source believes the oil ministry dropped Gupta's file for CVC clearance because of widespread industry disapproval. "(Former IndianOil ED gas PK) Yadav’s letter (criticising the "clandestine" selection process and sent to the oil ministry on August 17, 2024) has been taken seriously," we hear.
"Yadav's a senior and honest guy; people like him don't write to the ministry about trivial matters." Sanjay Parashar is the favourite among the four new names that the oil ministry has forwarded to the CVC.
"I’ve heard (former chairman) Vaidya is lobbying for Parashar to take over," we hear. Some believe that the name of the eventual winner will be announced only after vigilance clearance.
In the meantime, the oil ministry has appointed IndianOil marketing director Satish Vaduguri as a stop-gap chairman pending a final decision. On August 28 (2024), IndianOil company secretary Kamal Kumar Gwalani received the following order: "I am directed to state that the competent authority has approved the entrustment of the additional charge of the post of IndianOil chairman to director marketing Satish Kumar Vaduguri for three months from September 1 (2024) or until further orders, whichever is earlier."