Sengupta, Director (Finance and Commercial), earlier this month informed the Petronet LNG board about his decision, two sources with direct knowledge of the development said.
Sources said Sengupta, who will turn 58 later this month, was to complete a five year term as Director (Finance and Commercial) this month-end and the Board of Petronet had initiated the process of giving him another term.
But Sengupta told the Board that he no longer wishes to continue with Petronet and that the extension process should be stopped.
The retirement age for board personnel at Petronet is 65 years.Sengupta joined Petronet in early 2002 from global energy major ExxonMobil and became Director (Finance and Commerical) in May, 2006.
Besides helping Petronet stablise during its nascent days, he was the key negotiator in all the LNG sourcing contracts of the company.
Despite repeated attempts, Sengupta could not be reached for comments.Petronet is majority owned by state oil firms Indian Oil, GAIL India, Oil and Natural Gas Corp (ONGC) and Bharat Petroelum and the new Director (Finance) may be from one of these.
Incidentally, IOC Director (Finance) S V Narasimhan is retiring from IOC at month end after attain superannuation age of 60 years. He is also IOC nominee director on Petronet board.
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