Former oil secretary Vivek Rae has resigned as independent director from the board of Indian Oil Corporation (IOC) owing to differences with the company management.
In a regulatory filing, IOC said, "Vivek Rae, Independent Director has ceased to be a Director on the board of IOC with effect from June 4, 2018, consequent upon his resignation on June 3, 2018."
Rae, 64, was appointed as an independent director on board of IOC on September 22 last year for a period of three years.
While the company did not give reasons for the resignation, sources in know of the development said the former oil secretary differed with the company management on several issues.
He did not agree with the way proposals were brought to the board particularly those pertaining to projects where a decision would already be taken and board nod was just customary, they said.
Despite repeated attempts, Rae was unavailable for comments.
Sources said Rae, who was appointed to the board by the Appointments Committee of the Cabinet (ACC), in is resignation letter to IOC cited personal reasons for the decision.
At the time of resignation, it was debated within the company if Rae should submit his resignation to the ACC, which had originally appointed him. But the former oil secretary felt the IOC management was competent enough to accept his resignation.
Rae, an IAS officer of 1978 batch from Union Territory cadre, was Secretary, Ministry of Petroleum and Natural Gas from January 2013 to February 2014 when he superannuated.
An Economics graduate from St. Stephen's College of Delhi and Masters in Economics and Politics from New College, University of Oxford, served as a full-time member of the 7th Central Pay Commission from February 2014 to November 2015.
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