DK Sarraf could become interim MD at OVL

Vol 14, PW 12 (02 Dec 10) People & Policy
     

ONGC director finance DK Sarraf might just return to ONGC Videsh (OVL) as its interim managing director, when current managing director RS Butola becomes IndianOil chairman on February 1 next year.

Sarraf, we hear, is well-placed to become interim MD as he was previously OVL’s director finance between 2005 and 2007. “Sarraf is the best bet for OVL,” says a source.

“He has already worked with the company and knows it well.” As ONGC director finance, Sarraf is invited to all OVL board meetings, as a part-time director of the company.

“ONGC is OVL's cash machine,” we hear, “so Sarraf, as ONGC director finance, knows exactly how much money is spent on each OVL project.” The PESB is yet to begin hunting for Butola’s replacement but observers speculate it could advertise the OVL managing director post sometime this month (December) or in January.

Butola should move to IOC on February 1 after acting IOC chairman BM Bansal retires on January 31. “I doubt the PESB will find a suitable candidate by then,” we are told.

“They’ll have to appoint an interim MD.” Sarraf also stands a good chance of getting selected for the OVL managing director role full-time after the PESB carries out its official selection and interview process, assuming he applies.

Other candidates with a good chance of becoming OVL interim managing director include ONGC director onshore AK Hazarika and OVL director exploration Joeman Thomas. “Hazarika is the most senior director on ONGC’s board,” we learn.

“He is also on OVL’s board. His chances of taking over as acting MD are bright.

” Thomas, however, is the most senior director on OVL’s board – since February 2007 – but he retires in a year from now.