Some industry executives were puzzled by the timing of the job advertisement for the new IOC chairman as it came on election verdict day. The selection panel was formed last year but has begun the process only now.
Not much needed to be read into the timing, a person familiar with the matter said, adding that the committee is open to all candidates and the eligibility conditions didn’t favour the incumbent.
The job advertisement specifies that candidates must be employed “in a regular capacity – and not in a contractual/ad-hoc capacity” in either government, a state company or a private company on the date of the vacancy, which is September 1, 2024. They can’t be older than 58 years if they work at Indian Oil or 57 if they are employed with another company.
Vaidya doesn’t meet the criteria as he would be 61 in August. He retired last August as IOC chairman and was instantly reemployed on contract for a year in the same position following a rare reappointment order by the government. Vaidya’s term ends this August and executives at Indian Oil and other oil firms are speculating if he could get another term.The selection committee “may also recommend relaxation in the eligibility, age, and qualifications/experience criteria in respect of outstanding candidates,” the job advertisement said.While seeking to appoint a new chairman for Oil and Natural Gas Corp (ONGC) in 2022, a selection committee had changed the criteria making retired executives also eligible. This helped the committee pick Arun Singh, a retired BPCL chairman, as the new chairman of ONGC.
The petroleum ministry had recommended a 2-year tenure extension for SM Vaidya last year, but the Appointments Committee of the Cabinet (ACC) allowed just one year. Ahead of the general election, the petroleum ministry proposed another one-year extension for Vaidya but it was rejected by the prime minister’s office.
