Petronet CEO gets 27% salary raise

NEW DELHI: India’s biggest gas importer Petronet LNG Ltd opened its outgoing chief executive Prabhat Singh a record 27 per cent of cases rise in salary in FY20 and has now begun a search for a brand-new CEO on modified expressions that constituted only retired ministerials of PSUs ineligible. Singh, who completes his five-year term as managing board and CEO next month, made home a record Rs 1.8 crore in fiscal 2019 -2 0( April 2019 to March 2020 ), according to Petronet’s latest annual report. This included Rs 22.5 lakh fee on revenue. Petronet, which is registered as a private restriction companionship but is headed by the oil secretary, had paid him a total of Rs 1.4 crore in the previous monetary. The stipend paid to the CEO of Petronet is much higher than that is drawn by chairmen of its proponent PSUs, namely GAIL, IOC, ONGC and BPCL. Singh was appointed CEO of Petronet on September 14, 2015, and that year he took home Rs 40.4 lakh( the salary for six-and-a-half-months ). In the subsequent year, he took home Rs 1.08 crore. Though Singh, 63, was eligible for an extension till he achieved superannuation senility 2 years later, Petronet has begun a sought for a brand-new CEO. The firm has invited applications from eligible candidates by September 9, according to a notice. “The candidate should be aged minimum of 48 years and maximum of 60 years on the year of vacancy i.e. September 14, 2020, ” it said. Too, the “applicant must, on their applications, as well as on the year of interview, be used in a listed firm with a turnover of Rs 5,000 crore or more, ” it said. This is a new clause and essentially rails managers of gas practicality GAIL( India) Ltd, refiners Indian Oil Corp( IOC) and Bharat Petroleum Corp Ltd( BPCL) and adventurer Oil and Natural Gas Corp( ONGC) who have either only retired from service after reaching 60 years of age or are due to superannuate this month. The ’employment status’ was not an eligibility criterion when past CEOs including Singh were appointed, beginnings in the know said. The selection of the brand-new CEO will be done through a examination committee of the board of Petronet, where state-owned GAIL, IOC, ONGC and BPCL supported 12.5 per cent equity bet each. Chairmen of proponent PSUs are normally the nominee administrator on the Petronet board. The notice too stated that the candidate “should have contained the position of a director on the board of the company( with a minimum turnover of Rs 5,000 crore) in the oil and gas/ hydrocarbon sphere( public limited company”. “The position carries an beautiful perk which includes retiral helps, act incentive, corporation vehicle, medical facility, post-retirement medical intrigue, radical term-life insurance, radical personnel accident insurance, etc, as per company’s policy, ” it said. Petronet operates liquefied natural gas( LNG) import terminal at Dahej in Gujarat and Kochi in Kerala. The Mumbai rolled firm had a turnover of Rs 35,000 crore in FY20. Alongside the CEO’s position, Petronet too advertised for Director( Business Development and Marketing ), seeking campaigner between the age of 48 and 57 years who are on “regular/ permanent” employment with a PSU or private company “in the gradation/ post of peak two-level below the board.” The employment status fitnes is also firstly for a director appointment.

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