New Delhi:  After Governors, the Narendra Modi government is removing independent directors appointed by the previous UPA regime on PSU boards, beginning with sacking of four directors on the board of Indian Oil Corp (IOC).  IOC, the nation’s largest company, in a filing to the stock exchanges said, “K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be Independent Directors on the Board of the company on August 27, 2014.”  All the four directors were appointed to IOC board in March this year for a three-year term.

Their appointment was to be confirmed/ratified by the company shareholders but IOC did not move a resolution to this effect at its annual general meeting (AGM) in Mumbai on Wednesday, leading to their cessation.  It is not clear if these removals have been done with the concurrence of Appointments Committee of Cabinet (ACC) under Modi.

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