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Union Government removed three independent directors from the ONGC board

Union Government on 21 September 2014 removed three independent directors from the Oil and Natural Gas Corporation (ONGC) board.

Sep 23, 2014 17:50 IST
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Union Government on 21 September 2014 removed three independent directors from the Oil and Natural Gas Corporation (ONGC) board.

The three directors P Umashankar, S Ravi and RK Singh have ceased to be independent directors with effect from 19 September 2014.

P Uma Shankar along with S Ravi and R K Singh were appointed on ONGC board on 29 November 2013.

P Umashankar is a former bureaucrat who retired from the position of Power Secretary in 2013. R.K.Singh is former Chairman and Managing Director of Bharat Petroleum Corp (BPCL). S.Ravi is a chartered accountant.

Other independent directors, Samir Kumar Barua and former State Bank of India (SBI) Chairman OP Bhatt were continued to be directors on its board. They were appointed on 13 December 2011.

Background

In the second week of September 2014, independent directors of other PSU’s like ONGC, HPCL, MRPL, IOC and EIL were also removed.

These removals follow sacking of all the previous government appointed independent directors on board.

However, the directors removed from boards of ONGC, HPCL, MRPL, IOC and EIL were appointed after the last shareholders meeting and their appointment was to be ratified at the respective AGMs of shareholders.

In absence of the company moving a resolution seeking confirmation of their appointments, the five ceased to be directors on the company board.

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