Subir Raha gets no extension

Contrary to expectations, the government did not issue any extension letter to ONGC Chairman Subir Raha by the end of his last working on Wednesday.

However, company executives said Raha may be granted a three month extension. That decision may be announced by the government on Thursday.

Raha, who has been at the helm of India's most valuable company for five years, is seen as an efficient manager who chose to disregard ministry mandarins and pursue a business plan that has won him admirers.

But the list of his detractors was also long "" in part due to his refusal to bow to pressure and lobbying. The ONGC stock slipped over 5.89 per cent at the Bombay Stock Exchange to close the day at Rs 1,164.75.

According to sources in the ministry, Raha's case for an extension was not taken up by Petroleum Minister Murli Deora and Petroleum Secretary MS Srinivasan as Raha has not completed 90 days under them.

As a result, comments were sought from former minister Mani Shankar Aiyar and former secretary SC Tripathi. Both were expected to have made adverse comments in their review.

The government did not announce a replacement for Raha by late evening. However, it is expected that ONGC Director (finance), RS Sharma, being the next senior most official, is likely to officiate as the chairman till a formal appointment is made.