IOC to welcome politicians on board

Indian Oil Corporation could become the first PSU to welcome political representatives on its board of directors as the government seeks to replace two independent directors next week.

V Ranganathan, former chief secretary of Maharashtra and V K Agarwal, ex-chairman of Railway Board, may not be re-nominated at the AGM to be held on September 22.

"Their places could be taken by Congress spokesperson Wasim Ahmed and either Madhya Pradesh Mahila Congress president Shobha Oza or All India Mahila Congress secretary Indu Singh Pawar," IOC officials said on Friday.

The two independent directors, along with three others, are to retire next week as per the normal practice of retiring one-sixth of the board every year.

The retiring directors are eligible for re-appointment at the AGM if they have not attained the retirement age or their term has not expired.

"Petroleum ministry feels that Ranganathan and Agrawal, whose three-year term comes to an end only next year, need not be re-appointed at the AGM and, if necessary, a resolution be moved at the AGM to that effect," officials added.