Raha triples spending power of ONGC executive directors
ONGC chairman Subir Raha has tripled the spending limit of ONGC Executive Directors and Regional Directors from Rs10cr ($2.2m) to Rs30cr ($6.6m).
Raha made the announcement at a meeting of ONGC's 'Executive Purchase Commitee' in Delhi on 14th June. Until now ED expenditure requests over Rs10cr and director-level expenditure requests over Rs20cr ($4.4m) are referred to the chairman as head of the ' Executive Purchase Committee'.
From now only expenditure over Rs30cr will be referred to the EPC. An insider reveals that Raha aims to make EDs and directors "responsible for their actions."