After the storm, Aiyar doesn't want Raha to go

Minister criticises VK Sibal

After two days of high drama, Petroleum Minister Mani Shankar Aiyar today said he did not favour the exit of the ONGC's "competent" chairman Subir Raha. The minister also criticised the director general of hydrocarbons, V K Sibal, for publicy airing his differences with Raha.

"No, I do not want him to go," Aiyar told reporters today after his return from a foreign tour. "It was immature of Raha to have suggested such a thing," he said, adding that he was examining the issues raised by Raha in a letter to him.

Raha had threatened to resign if the government nominees on the ONGC board moved a resolution seeking appointment of two more nominees on the company's board.

The ONGC chairman had specifically objected to the appointment of Sibal, saying he was a regulator.

Speaking to reporters later, Petroleum Secretary SC Tripathi said the ministry had sought the opinion of the law ministry and the department of company affairs on whether Sibal was a regulator.

He said ONGC's article of association permitted appointment of 20 directors on the company's board.

Asked whether the government nominees would move a resolution, he said, "We don't work like this. We don't move resolution against our own management."

On the issue of the petroleum ministry getting rid of independent directors on the boards of oil companies, officials said the matter had been referred to DCA on whether the government should wait for one third of the independent directors to retire every month.