PMO refuses extension to Raha

In an unprecedented move, the Prime Minister's office is understood to have declined an extension to Subir Raha, the high profile chairman of Oil and Natural Gas Corporation, at the end of his five year tenure as the head of India's most valuable company.

ONGC's senior most director R S Sharma is being asked to officiate as the acting chief of the company, oil ministry sources said.

Raha's five year term came to an end on Wednesday after the petroleum ministry opposed to extend his tenure. The ministry's decision was believed to have been endorsed by the Prime Minister's Office later.

Raha is probably the only head of a public sector firm to be denied an extension till his superannuation. Till date all PSU heads who had not reached the age of 60 years even after completion of their tenure, were given an extension till their retirement age.