The Ministry of Petroleum and Natural Gas nominated Arvinder Singh Sahney as the part-time chairperson of Chennai Petroleum Corp.'s board of directors on Tuesday, according to an exchange filing.
Currently, Sahney is the chairperson of holding company Indian Oil Corp. In November, the CPCL board had appointed him as its director, it said.
Sahney, who has three decades of expertise in the refinery and petrochemical sector, was instrumental in commissioning and optimising key refinery units at IOC as its chairperson.
In November, the Tamil Nadu Pollution Control Board had issued a show cause notice to CPCL, which was asked why environmental compensation of Rs 73.7 crore should not be levied on it on account of the socio-economic damage and environment damage caused due to an oil spill.
However, CPCL has stated that it will contest both the IIT-Madra report as well as the proposed compensation recommended by the Tamil Nadu pollution watchdog.
Shares of CPCL closed 1.64% lower at Rs 586.20 apiece on the BSE before the announcement, compared to a 1.30% decline in the benchmark Sensex
RECOMMENDED FOR YOU
ESOP Scam 'Architect': ED Slaps Chargesheet Against Former Religare Executive Chairperson
Oil Edges Higher With US Inventories, Supply Outlook In Focus
Arvind Kejriwal Allotted New Bungalow At 95 Lodhi Estate Nearly A Year After Resigning As Delhi CM
CPCL, MRPL Positioned To Leverage Buoyant GRM Environment, Says Yes Securities
POPULAR