The Ministry of Petroleum and Natural Gas has put forward the proposal that Indian Oil Corporation (IOC) Chairman S M Vaidya’s tenure be extended by two years, according to a report in The Economic Times. Vaidya will turn 60 this year and is scheduled to retire in August.
The final decision on the proposal will be taken by the Appointments Committee of the Cabinet. All ten candidates who were interviewed for the position of IOC chairman on May 16 were rejected by the Public Enterprises Selection Board. The board advised the ministry to create an alternative selection process, leading to speculation that Vaidya could get an extension.
