New Delhi, Aug 28 IANS | 2 months ago

State-run oil marketer Indian Oil Corp (IOC) Thursday announced the removal of four independent directors, appointed by the previous UPA government, on its board.


In a filing to the stock exchanges, IOC said : "K.Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be independent directors on the board of the company on Aug 27, 2014."

The appointment of all four directors in March for a three-year term was to be ratified by the company shareholders, but IOC did not move a resolution to this effect at its annual general meeting (AGM) in Mumbai Wednesday, leading to their cessation.

Of the eight independent directors on the board, the four who have been removed are Jairaj, former additional chief secretary of Karnataka; Nesar Ahmed, past president of ICSI; Sunil Krishna, former director general of NHRC, and Sayan Chatterjee, former secretary in the central government.

Independent directors of a public sector company are appointed by the Appointments Committee of Cabinet (ACC) consisting of the prime minister and the home minister.

This is possibly the first instance where independent directors of a government undertaking have been removed by non-ratification by the shareholders.

(Posted on 29-08-2014)

Share This Page:


Post your comments


Information on States of India:

Andaman Nicobar | Andhra Pradesh | Arunachal Pradesh | Assam | Bihar | Chandigarh | Chhattisgarh | Dadar Nagar Haveli | Daman Diu | Delhi | Goa | Gujarat | Haryana | Himachal Pradesh | Jammu Kashmir | Jharkhand | Karnataka | Kerala | Lakshadweep | Madhya Pradesh | Maharashtra | Manipur | Meghalaya | Mizoram | Nagaland | Orissa | Pondicherry | Punjab | Rajasthan | Sikkim | Tamil Nadu | Tripura | Uttar Pradesh | Uttaranchal | West Bengal

INDIA REGIONAL MAPS:

Andhra Pradesh Travel Map | Bihar Travel Map | Goa Travel Map | Gujarat Travel Map | Haryana Travel Map | Himachal Pradesh Map | Karnataka Travel Map | Kerala Travel Map | Maharashtra Travel Map | Punjab Travel Map | Rajasthan Travel Map | Sikkim Travel Map | Tamil Nadu Travel Map | Uttar Pradesh Travel Map | West Bengal Travel Map |

KERALA TRAVEL MAPS:

Alappuzha | Ernakulam | Idukki | Kannur | Kasaragod | Kollam | Kottayam | Kozhikode | Malappuram | Palakkad | Pathanamthitta | Thiruvananthapuram | Thrissur | Wayanad |

TRAVEL MAPS OF INDIA:

Airports of India | Districts of India | India Pilgrim Centers | Tourism Map of India | National Highways in India | India Railway Routes |

INDIA CITY MAPS:

Ahmadabad | Bangalore | Chennai | Coimbatore | Delhi | Hyderabad/Secunderabad | Kochi | Kolkata | Mumbai | Pondicherry | Pune | Surat |