Home BusinessSibal may not continue as oil regulator
Caught in the Ambani gas dispute and facing a CBI probe over allegations of favouring Mukesh Ambani-led Reliance Industries Ltd (RIL), oil regulator V K Sibal may not continue as Director General of Hydrocarbons (DGH) from next week.
- Market wipes out gains of 5 weeks in 9 sessions - "We cannot regulate gas prices" - RIL net drops 6.4% on refining margin pinch - RIL Q2 net down 6.4% at Rs 3,852 cr - Dispute can"t be arbitrated, says RIL - Power sector to get 50% of extra gas from KG-D6 field
While Sibal has resigned from his parent firm Oil India Ltd (OIL), the petroleum ministry has already worked out his successor, sources in the know said but did not disclose the name. Sibal’s 5-year tenure ends on October 31.
Despite repeated attempts, Sibal, who has already moved out of his official residence and is not attending office, could not be reached for comments. No comment could be obtained from the petroleum ministry.
In the midst of their gas dispute, Anil Ambani group had charged Sibal with approving inflated gas field investment by RIL in lieu of personal favour, a charge that has been stoutly denied by the regulator.
On October 23, Sibal applied for voluntary retirement from OIL, from where he had gone on lien to DGH in 2004. OIL top management is believed to be debating on a decision, as Sibal was on deputation to the government.
If Sibal is not given an extension, he would have to go back to OIL till his superannuation in 2011. The petroleum ministry has identified a senior executive with a state-run exploration firm to take temporary charge of DGH from the day Sibal’s term comes to an end. The ministry, which had previously sought the approval of the Appointments Committee of the Cabinet for a two-year extension based on the clearance given by Chief Vigilance Officer (CVO), has not sought any temporary extension for Sibal pending the CVC and CBI reports.
His term at the DGH comes to an end on October 31 and according to rules, he is eligible for extension till his superannuation age of 60 years in 2011.
A proposal for extension of his service was pending clearance from CVC and CBI, which are probing the allegations.