ONGC gets 3 new independent directors; way cleared for follow-on share sale
21 Jun 2011
The government has appointed three independent directors on the board of Oil and Natural Gas Corporation Ltd (ONGC), clearing the main hurdle for a follow-on share sale by the state-owned explorer.
Former RBI deputy governor Usha Thorat, former VC of Delhi University Deepak Nayyar and former finance secretary Arun Ramanathan on the board of ONGC, are the independent directors appointed to the ONGC board.
"Ministry of petroleum and natural gas, vide letter dated June 20, has appointed Ms Thorat, Prof Deepak Nayyar (ex-vice chancellor of the Delhi University) and former finance secretary Mr Arun Ramanathan as non-official part-time directors on the board of the company," ONGC said in a statement.
With the appointment of three independent directors, ONGC now meets the requirement of having equal number of executive and non-executive directors for the follow-on public offer (FPO) as per market regulator SEBI's listing norms
The board of ONGC also approved the appointment of the three independent directors, ONGC said.
ONGC, however, is yet to decide on the timing of the public offer, which, it said, will be decided by the department of disinvestment.