Rae quits IOC board

New Delhi: Former oil secretary Vivek Rae has resigned as independent director from the board of Indian Oil (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 the 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 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, in his resignation letter cited personal reasons for the decision.

Indian Oil Corporation