IOCL Chairman Shrikant Vaidya gets one year extension

The government of India has given a one year extension to the Indian Oil Corporation Limited  (IOCL) chairman Shrikant  Madhav Vaidya . 

Vaidya, who took over as chairman of IOCL 1st July 2020, turned 60 on  6th August 2023  and was set to retire at the end of this month. 

The Appointment Committee of the Union Cabinet headed by the Prime Minister approved the proposal of the ministry of petroleum and natural gas for re employment of Shrikant Vaidya on a contract basis for a period of one year . Now  Shrikant Vaidya will retire on 31st  August 2024.

The extension was given to Shrikant Vaidya after no candidate was found suitable by the Public Enterprises Selection Board (PESB) for the IOCL chairman post.

Public Enterprises Selection Board (PESB)

• The Public Enterprises Selection Board (PSEB) was set up by the Government of India  in 1987. It comes under the Union Ministry of Personnel,Public Grievances and Pensions.

• The PESB has been set up  by the government  to evolve  a sound managerial policy for the Central Public Sector Enterprises.

• It conducts interviews for selection to  top management posts in the Central Public Sector Enterprises and recommends it to the central government.

• The central government is not bound to accept the  names recommended by the PESB.

Indian Oil Corporation Limited (IOCL)

It is an Indian multinational oil and gas company owned by the government of India .

It was set up in 1959.

It was ranked 94th in the 2023 Fortune 500 list of companies.

Its Headquarters : Mumbai ,Maharstra