IOC's Behuria denied extension as chairman

Sarthak Behuria has been denied an extension as chairman of Indian Oil Corporation (IOC), the third Navratna oil PSU head since 2006 to be shown the door before achieving superannuation age.

No reasons have been given for denying Behuria an extension till he achieved superannuation age of 60 years in March 2012.

Official sources said the petroleum ministry on February 25 issued orders appointing B M Bansal, the senior most director on IOC’s board, as acting chairman for three months.

Both Behuria and Bansal’s five-year term ended today but only the latter could earn an extension till his superannuation in January next year.

Behuria is the third head of a Navratana or crown jewel oil PSU to be denied an extension. The oil ministry had in 2006 declined Subir Raha an extension as the chairman and managing director of Oil and Natural Gas Corporation (ONGC) and a year later GAIL’s Prashanto Banerjee went the same way.

Behuria’s performance as chairman of IOC had been rated as “outstanding” by outgoing Oil Secretary R S Pandey and there were no known corruption charges against him, sources said, adding it was not clear why he was being denied an extension.

Behuria took over as chairman of IOC and its group companies on March 1, 2005. Steering the company from a turnover of $34.5 billion in 2004-05 to become the first Indian firm to breach the $50-billion mark in 2006-07, the turnover of the company rose to $62 billion (Rs 2,85,337 crore) in 2008-09.

The group has remained a market leader in domestic refining and fuel marketing, with about 50 per cent market share.