ONGC CMD Subir Raha's term ends
The tenure of Subir Raha came to an end on Wednesday evening in the face of Petroleum Ministry having opposed any extension to him.india Updated: May 24, 2006 17:56 IST
The tenure of the high-profile ONGC Chairman and Managing Director Subir Raha came to an end on Wednesday evening in the face of Petroleum Ministry having opposed any extension to him.
The Ministry had cited negative reports of former Petroleum Minister Mani Shankar Aiyer and the then petroleum secretary SC Tripathi for not recommending an extension to Raha, who has been ONGC's CMD for the last five years.
However, the file pertaining to the closure of his tenure is still pending with the Prime Minister's Office.
"Raha was appointed for five years or till 60 years of age, whichever was earlier. His five year term comes to an end today. We are not sacking him or terminating his service. In the normal course, the contract is coming to an end (today)," a top oil ministry official said.
Sources, however, said the decision was contrary to the recommendations of Petroleum Secretary MS Srinivasan, who had favoured a three-month immediate extension and moving the appointment's committee of Cabinet for extension of Raha's services till August 2008, by when he would be completing 60 years.
Aiyer, in his one-page note, though praising Raha for his managerial capacities, criticised him for "insubordination and indiscipline" and not adding oil reserves of the company.
The former petroleum minister said Raha had converted ONGC into a one-man show and was not a team player.
Interestingly, Raha is credited with the making ONGC India's largest company in terms of market capitalisation. The company's market cap as of Tuesday stood at Rs 176,480.72 crore.