Manmohan Singh leaves IOC, PSU banks headless

NEW DELHI: When Manmohan Singh demits office, he would leave Indian Oil Corporation and several financial sector entities without full-time heads. This is the second time in recent times that the country's biggest oil refiner and fuel retailer would come under a caretaker chairman after R S Butola retires on May 31.

This is not the only vacancy on which decision would be pending. Sources said Singh declined to sign as many as 56 appointment files, considering them "non-urgent". The list includes a chairman and managing director for ailing United Bank of India, which has been without a full-time chief since Archana Bhargava quit amid mounting bad debt.

Similarly, a joint secretary in the finance ministry has been officiating as the pension regulator for close to six months, while there are two vacancies of managing directors at State Bank of India, the country's largest lender. There are proposals to appoint CMDs of six other public sector banks pending in PMO although the first vacancy arises only in August. But Singh decided that it will not be proper for him to clear appointments days before stepping down.

In Indian Oil's case, the file for appointment of Butola's successor B Ashok, who is at present executive director in charge of the company's retail sales, was with PMO for over a week before Singh formally put in his papers. Government headhunter Public Enterprises Selection Board had selected Ashok, 56, in October last year. His selection signalled the government's preference for an insider and continuity. Ashok joined in 1981 as officer trainee.

In case the Modi government decides to call for fresh interviews for IndianOil, it could take four to six months to appoint a full-time chairman. R K Malhotra, director (R&D), the senior-most member on the board, is expected to take over as acting chairman after Butola. But he too perhaps has only till June after which director (business development) A M K Sinha would be eligible.