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After IndianOil and ONGC, it may be the turn of another PSU blue-chip, Coal India Ltd (CIL), to do business without a fulltime Chairman and Managing Director.
According to sources, while the existing Chairman and Managing Director is scheduled to retire on superannuation on February 28, the appointment of his successor is delayed due to delay in obtaining the mandatory clearance from the Central Vigilance Commission.
In November 2010, the Public Enterprises Selection Board selected Mr Tapas Kumar Lahiry, Chairman and Managing Director of CIL subsidiary Bharat Coking Coal Ltd (BCCL) as the frontrunner to assume the office CMD of CIL.
The selection was cleared by the Appointments Committee of Cabinet (ACC). While the exact reason behind the delay in granting the vigilance clearance is not known, sources told Business Line that considering the lengthy administrative procedures involved following the availability of vigilance clearance, the appointment of CMD in CIL is “unlikely” to be over in this month.
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