Saturday, September 12, 2015

When will Oil India get its new CMD?

WITH the government head-hunter the Public Enterprises Selection Board (PESB) failing to select a suitable candidate to head OIl India Limited, the second largest government-run explorer is without a full time CMD since June this year. On September 9, PESB interviewed 10 candidates, the third round since November. The second attempt was made in February but decided to “see more candidates.”
Among the candidates, who appeared for the latest...
round include Rupshikha Saikia Borah, who is currently director (finance) with Oil India; Gajendra Singh, ED of GAIL; N K Verma, MD of IGL; Jaiveer Srivastava, CMD of FACT; R P Singh, director personal at Powergrid; Rakesh Kumar, director at NLC; NK Jain, director finance of AIL; C Kannan, director finance of SECI, Rajiv Chopra, director marketing of STC and SPS Bakshi, CMD of EPIL.
As many as 12 candidates applied for interviews but none of them, except Borah had an exploration background. Borah, the director (finance) with Oil India, has been interviewed twice earlier by PESB for the post. The first round of interview took place in November last year where six applicants appeared including Borah.
Though Borah was found suitable by PESB earlier to head the oil explorer, media reports suggest that there are indications that centre is looking for an executive who can turn around the oil PSU, which has been stagnant for past few years.
Rupshikha Saikia Borah has been a director of finance at the Navratna PSU since October 1, 2013. She also served as its Chief Financial Officer. She is the first ever woman to be named a functional director on the Navaratna company’s board. With over 27 years of experience in financial management, audit, treasury, corporate finance and strategic planning, Bora appears to be the most suitable candidate to head the PSU. A post-graduate in Commerce from Delhi School of Economics, Bora has the distinction of being the first woman Chartered Accountant from the North-East.
She is wife of former OIL CMD NM Borah who had played a key role in placing OIL at an international stage. 
Currently, UP Singh, who is additional secretary (exploration) at the petroleum ministry is heading the PSU. The post could not be filled after Sunil Kumar Srivastava, chairman and managing director of OIL retired on June 30. Srivastava had replaced NM Borah in May 2012. But he failed to turnaround production trend of the explorer.

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