R.S. Sharma confirmed as ONGC chief

Almost 13 months after having taken over as the acting Chairman and Managing Director of the Oil and Natural Gas Corporation (ONGC), R.S. Sharma was on Tuesday formally appointed to lead the organisation. He will head the company till 2011.

Prime Minister Manmohan Singh on Tuesday signed the file, giving the stamp of approval to his appointment, sources said. Mr. Sharma had been heading the organisation in a temporary capacity ever since he took over from Subir Raha in May 2006. The appointment orders were sent to the Petroleum Ministry for issuing a formal notification.

Earlier Mr. Sharma was selected for the top job by a Search Committee headed by Public Enterprises Selection Board (PESB) Chairman N.K. Sinha, after interviewing 28 candidates in the first week of June. The former bureaucrat Najeeb Jung was its second choice.

Interestingly, Mr. Sharma was the PESB’s number one choice also in interviews conducted in August last. However, in February this year, the Prime Minister’s Office (PMO) vetoed his appointment as it wanted the selection process widened by inviting candidates from the private sector.

The ONGC had been without a permanent head since May 25 last year when the Government denied Mr. Saha an extension. Being the seniormost in the company, Mr. Sharma, who was Director (Finance), was appointed the acting head. He was the frontrunner right from the day the Search Committee began its job. The PMO did not make any adverse remark against him when his appointment was scrapped.

Mr. Sharma is a fellow member of the Institute of Cost and Works Accountants of India and also an associate member of the Indian Institute of Bankers.