Satpal Garg, a former Director, Finance at ONGC Videsh Limited (OVL) will join as a new board member at downstream petroleum regulator Petroleum Natural Gas Regulator Board (PNGRB) from tomorrow taking the board strength to two members. The appointment assumes importance coming at a time PNGRB board is almost dysfunctional due to availability of only one board member.
“The Appointments Committee of Cabinet has approved the proposal for appointment of Satpal Garg, retired Director-Finance OVL to the post of Member-PNGRB,” the Department of Personnel and Training (DoPT) said in a notification.
Garg remitted office of Director (Finance), ONGC Videsh in August 2016 and has over 30 years’ experience in financial management in Oil & Gas sector at various capacities in Oil and Natural Gas Corporation Limited (ONGC), the state-run flagship national Oil & Gas Company of the country.
He worked as General Manager (Finance) and Company Secretary in ONGC before assuming the responsibility of Director (Finance) in OVL in 2008. At OVL, Garg made contributions in streamlining and strengthening internal controls, accounting, budgetary control and towards acquisition and business development activities of the company.
Earlier in 2003-04, he was associated in the acquisition process of an Indian refinery MRPL by ONGC, its debt restructuring and revival and the disinvestment process of equity in ONGC.
Garg is a Commerce graduate from the University of Delhi and a Fellow Chartered Accountant from the Institute of Chartered Accountants of India, a Fellow Company Secretary from the Institute of Company Secretaries of India (ICSI) and Associate Member of the Institute of Cost and Works Accountant of India (ICWA).
PNGRB was formed under an Act of 2006 and comprises of a chairperson, a member (Legal) and three other members appointed by the central government.
Chairperson S Krishnan retired in August 2015 while three other members PK Bishnoi, Kiran Kumar Jha and Subhash Chandra Batra (member-legal) retired last year. Batra was the last one to retire in December 2016.
Basudev Mohanty is the only serving member on the board as of now. The oil ministry issued notices inviting applicants for the post of a member, PNGRB in November 2016 and for member (legal) and chairperson in May 2017.