Subir Raha, the high-profile chairman and managing director of Oil & Natural Gas Corporation (ONGC), has not been given an extension by the government and he will have to hang his boots by this evening.The ministry is denying him an extension based on the negative remarks on his performance made by previous Petroleum Minister Mani Shankar Aiyar and former petroleum secretary S C Tripathi and the T N R Rao committee report on the fire at a facility in the company's Mumbai high field last year."Raha was appointed for five years or till 60 years, whichever was earlier. His five year term comes to an end today. We are not sacking him or terminating his service. In the normal course, the contract is coming to an end (today)," a top oil ministry official said.Sources, however, said the decision was contrary to the recommendations of petroleum secretary M S Srinivasan who had favoured a three-month immediate extension and moving the appointment's committee of cabinet for extension of Raha's services till August 2008 by when he would be completing 60 years.The oil ministry is now likely to ask the senior most director on the company board R S Sharma, director (finance) or Anil Razdan, additional secretary in the petroleum ministry, to officiate as the acting chairman till a permanent appointment is made through the public enterprise selection board.In an unprecedented move, the ministry had sought the comments of Aiyar, who is no longer the officiating oil minister, on Raha's performance.Aiyar, in his one-page note, though praising Raha for his managerial capacities, criticised him for "insubordination and indiscipline" and not adding to the oil reserves of the company.The former minister said Raha had converted ONGC into a one-man show and was not a team player.Interestingly, Raha is credited with the company's success in cleaning up its contract system, its overseas foray where it has committed investments of $4.5 billion in properties in 14 countries and vertical integration by acquiring MRPL.Ongc is India's largest company in terms of market capitalisation. Its market cap, as of Tuesday, stood at Rs 1,76,480.72 crore.
