IOCL Chairman S.M. Vaidya Denied Further Extension As Government Issues Vacancy For The Top Post

Selection to be done through Search Cum Selection Committee (SCSC) formed on same terms and conditions as earlier


The Ministry of Petroleum and Natural Gas, today, announced an advertisement for the position of Chairman at Indian Oil Corporation Limited (IOCL). This move is seen as a major setback the present Chairman, Shrikant Madhav Vaidya, who was granted one-year post-retirement last year. Vaidya is set to retire on August 31, 2024.

Sources told that though MoP&NG was trying to make eligibility as 61 years, to make S M Vaidya eligible, but it was denied by PMO.

The government had given a one-year post-retirement extension to Indian Oil Corporation Limited (IOCL) chairman Shrikant Madhav Vaidya — a rare event for anyone on board of a Maharatna PSU. The order to this effect, issued on August 4, 2023, read as “the Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of Shri Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited (IOCL) for a period of one year beyond the date of his superannuation i.e. with effect from September 1, 2023, till August 31, 2024, or till the appointment of a regular incumbent to the post, or until further orders, whichever is the earliest.”


It was on January 8, 2024, when had reported an article titled “CMD S.M. Vaidya’s Sons’ Rise In IOCL, Allegations of Nepotism Surface From The Top Oil PSU

Amongst existing board of IOCL, Director (Finance) Anuj Jain will be the only existing board member who will be eligible for the top post.

However, many also see that as Arvind Kumar was not found suitable  by PESB, even after shortlisting, and there was lot of controversy in the shortlisting of Anuj Jain for Director (Finance), there may be chance that no candidate would be found suitable, giving opportunity for another extension to S M Vaidya.

Related Articles

Back to top button