New Delhi: The Government on Tuesday scrapped the appointment of R S Sharma as the Chairman and Managing Director of India's most valuable company, Oil and Natural Gas Corporation (ONGC).
At least a dozen candidates including V K Sibal, the upstream oil regulator, were in the race for the top job ONGC.
Sibal, the Director General of Directorate General of Hydrocarbons lead the list of contenders, which also included R S Sharma - who is presently ONGC's Acting Chairman and Managing Director.
Sharma, who has been officiating as the CMD of ONGC since May-end 2006, when the Government decided not to extend the term of Subir Raha, was selected for the top job by the Public Enterprise Selection Board on August 30, 2006.
"We received a fax communication late this evening from the Department of Personnel and Training that Sharma's appointment has not been confirmed by the Cabinet Committee on Appointments (ACC). Fresh interviews will have to be done," a government official was quoted by PTI as saying.
The official said that Sharma's file had been turned down by the Prime Minister's Office - this despite the fact that his candidature had all necessary clearances from Ministries of Petroleum, Home Affairs and Personnel as well as the Central Vigilance Commission.
Sharma, who is also the Director (Finance) of the company, is likely to step down as acting CMD.
The Ministry had opposed extending the tenure of Raha probably making him the first head of a public sector firm to be denied an extension till his superannuation.
(With inputs from PTI)
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