Vaidya: Vaidya gets rare post-retirement extension as IOC chief | India News

NEW DELHI: The government granted IndianOil chairman Shrikant Madhav Vaidya a year’s post-retirement extension, a rare development for a chief of a non-bank public sector company.

The government move is being seen as a recognition of Vaidya’s stewardship in preparing India’s largest oil refiner-fuel retailer for energy transition. He took over as chairman on July 1, 2020 and led the company through the oil market disruption caused by the Covid-19 pandemic.
The oil ministry had recommended a two-year extension for Vaidya but the Cabinet panel on appointments granted a year’s “contract”. The official order said he will continue “till August 31, 2024, or the appointment of a regular incumbent or until further orders, whichever is earlier.”

Vaidya’s extension comes after the government headhunter PESB in May did not recommend anyone for the post after interviewing 10 candidates. The extension stands out amid the government’s refusal since 2014 to continue with incumbent heads of NTPC and GAIL — Arup Roychoudhury and B C Tripathi, respectively — who had completed their 5-year term but were yet to reach superannuation age. Chairmen and directors of PSUs are appointed for five years or 60, whichever is earlier.