CMD S.M. Vaidya’s Sons’ Rise In IOCL, Allegations of Nepotism Surface From The Top Oil PSU

All does not seen to be well in Indian Oil Corporation Limited, the top Oil PSU which comes in the list of Fortune 500 Global List, which seems to be embroiled in controversy of sorts. Mr. Uday Shankar, Ex-Working President, Hindustan Petroleum Management Staff Association, has made serious allegations of “Alleged Nepotism and Corruption in Officer Appointment in Indian Oil Corporation Limited”. The complaint is dated 18/12/ 2023.

This complaint becomes more serious in nature as it, apart from other things, alleges nepotism saying that “Both sons of Chairman of IOCL, Shri S.M. Vaidya, have been appointed as Officers in IOCL, and it is alleged that their appointments were facilitated through the misuse of official capacities by the mentioned officials. The academic records of the sons indicate an average performance in institutes of average reputation”.

The copies of the complaint have been sent to the Central Vigilance Commission, the Central Bureau of Investigation, to the office of the Hon’ble Prime Minister, to the office of Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri and also to the office of Secretary Petroleum, Shri Pankaj Jain.

The content of the complaint is given below for the benefit of the viewers of www.indianpsu.com –

www.indianpsu.com sent three emails Shri Shrikant Madhav Vaidya – CMD IOCL, on January 01, 2024, on January 02, 2024 and again a reminder of January 03, 2024, but he chose simply to ignore the queries and did not send their version or side of their story.

As the complaint, apart from the Central Vigilance Commission, the Central Bureau of Investigation, to the office of the Hon’ble Prime Minister, to the office of Union Minister for Petroleum and Natural Gas and also to the office of Secretary Petroleum and Natural Gas, Shri Pankaj Jain, www.indianpsu.com sent an email to his office also, on January 03, 2024, but this too failed to elicit any response whatsoever.

Moreover, www.indianpsu.com – on not getting any reply/response from these officials, sent an email to Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri on January 05, 2024, asking what action had been taken regarding this complaint of serious nature, but this too got no response.

www.indianpsu.com even contacted the complainant, Mr. Uday Shankar, Ex-Working President, Hindustan Petroleum Management Staff Association, who said that he had received this information from some officials from Indian Oil Corporation Limited, who knew the finer details of the case but were apprehensive over going on record as the matter was against their top management. Mr. Shankar said that although he has taken up the matter with the CVC and higher authorities in the Government of India, he is not much hopeful of any action being taken, as a matter of practice, such complaints are sent to the concerned offices for action and are gradually hushed up.

These allegations fly within the top Oil PSU while Hon’ble Prime Minister Shri Modi, has time and again, decried corruption, nepotism and appeasement as three sins, calling for getting rid of them.

In continuation with our practice of “Fair and Square Journalism”, we gave the top official much time to reply/respond but after sending three email queries, when we did not receive his version, www.indianpsu.com sent out emails to Secretary Petroleum Shri Pankaj Jain and Union Minister of Petroleum and Natural Gas Shri Hardeep Singh Puri. But as usual, they to did not get any reply/response whatsoever.

Bend It Like Beckham ?

The tenure of Shri Shrikant Madhav Vaidya as CMD of IOCL got completed in August, 2023.

Industry sources said that due to his close proximity with influential persons in the corridors of power, he succeeded in getting an extension of contract for one year, which would be complete in August, 2024, and till now, a Search-cum-Select Committee (approved by the Appointments Committee of the Cabinet on 07/10/2023) was supposed to ascertain criteria to choose his successor but three months have passed since but the eligibility criteria is yet to be defined.

Sources say that Shri Vaidya is still trying get the eligibility criteria defined in a manner that he would also be made eligible for continuing on the top post despite of exceeding 60 years age, which has perhaps, never happened in the history of any CPSUs.

It is also learnt that the Public Enterprises Selection Board (PESB) Chairperson Ms. Mallika Srinivasan, is not in favour of this unprecedented deviation, hence MoP&NG is waiting for her three-year tenure to be over in March end of 2024.