The government has selected high-profile retired bureaucrats including GK Pillai and Shyam Saran as well as bankers such State Bank of India's former chairman OP Bhatt as independent directors of state energy firms ONGC, Indian Oil, HPCL and Gail.
Bhatt, former finance secretary Sushma Nath and IIM Ahmedabad director SK Barua have been chosen for the board of ONGC. The move comes at a time when ONGC was falling short of three independent directors to meet Sebi's listing norms, which requires 50% independent directors on its board. Former RBI deputy governor Shyamala Gopinath, former finance secretary Nath and former foreign secretary Shyam Saran have been selected for the post of independent directors in IOC. Former revenue secretary PV Bhide, former home secretary GK Pillai, former CMD of Canara Bank, AC Mahajan and IIM-A Professor, G Raghuram will soon join the board of HPCL as independent director. GAIL’s board will have Gopinath, former DIPP secretary RP Singh, former minority affairs secretary Vivek Mehrotra and former Bank of Baroda chairman AK Khandelwal as independent directors.
Source: The Economic Times