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News Brief | September 2014

Indian Oil may remove four independent directors

State-owned Indian Oil Corp (IOC) will hold its annual shareholders meeting amid speculation that it may seek to remove four independent directors appointed by the previous UPA government. IOC has not circulated the notice of the 55th Annual General Meeting (AGM) to some of the independent directors as is mandatory under the new Companies Act. Of the 8 independent directors on IOC board, four are - K Jairaj, former Additional Chief Secretary, Karnataka; Nesar Ahmed, past president of ICSI; Sunil Krishna, former director general of NHRC, and Sayan Chatterjee, former Secretary to government of India. All the four directors were appointed to IOC board in March this year for a three-year term.
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