The government has reappointed A K Sharma as the Director (Finance) of Indian Oil Corp (IOC) - a first under Prime Minister Narendra Modi when a PSU director has been reemployed in the same position after retirement.
Sharma, who superannuated as Director (Finance) of IOC on January 31, has been appointed for three months in the same position, IOC said in a regulatory filing.
The reappointment is with effect from February 18, the company said without giving reasons for the reemployment.
Officials said Sharma, who as the finance head of IOC was also in charge of pricing of petrol, diesel and other fuels, has been reemployed keeping in mind the impending general elections.
The government, they said, does not want to take chances with retail prices and has preferred an old and experienced hand to handle it.
Sources said a proposal was moved to reemploy Sharma for six months but Oil Minister Dharmendra Pradhan curtailed it to three months before forwarding it to the Appointments Committee of Cabinet(ACC).
The ACC approved his reemployment for three months.
This is the first time that a PSU director has been reemployed in the same position after attainment of superannuation age of 60 years.
The government has also not given any PSU director an extension after 60 years in the last few years.
Last time, such a phenomenon happened on December 31, 2013, when B Prasada Rao was given a two-year extension as Chairman and MD of state-owned power equipment maker BHEL on the day he attained the superannuation age.
"It is hereby notified that in terms of a letter by ministry of petroleum and natural gas dated February 15, 2019, the Board of IOC has appointed A K Sharma as Additional Director and designated as Director (Finance) of the company with effect from February 18, 2019, for a period of three months," IOC said in the regulatory filing.
Sharma, it said, is a commerce and law graduate and a Chartered Accountant. He "has rich and varied experience in the petroleum industry and has handled various assignments in finance function both in marketing as well as the refinery division of Indian Oil."
As the Head of Treasury, he was credited for issuing the first ever Foreign Currency Bonds (USD500 million) of IOC in the international markets in 2010.
"Sharma brings with him the vast experience of project appraisal, project finance, and treasury operations," it said.
He was appointed Director (Finance) of IOC in October 2014. He superannuated from the position on January 31 this year.