The Hindu Business Line : Appointment of independent directors according to norms: Aiyar

THE Petroleum Minister, Mr Mani Shankar Aiyar, today said that a final decision on the appointment of independent directors for public sector oil companies would depend on the approval of the search committee of the Department of Public Enterprises (DPE).

The Minister denied any pressure from his Ministry. Furthermore, the Petroleum Ministry had not rejected the names recommended earlier by the DPE for the selection of non-official directors, he said.

Mr Aiyar told reporters that his Ministry had forwarded a "list of Congresspersons" to the search committee of DPE for its consideration.

"If the candidature of these persons does not match the prescribed criteria, then of course, they would not be recommended for appointment," the Minister said.

The Minister said that the proposed names from the Ministry was a supplementary list.

He was reacting to reports that he had rejected the list of independent directors proposed by the DPE.

The names included IIM directors and Harvard Business School advisors, Mr Rajat Gupta, Former Managing Director, McKinsey & Co, and Mr P.K. Chaudhury, Managing Director, ICRA.

Mr Aiyar said the additional list of names would be considered in accordance with standard procedures.

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