Pursuant to the five-year tenure of Mr. Subir Raha as Chairman and Managing Director of ONGC coming to an end on 24th May 2005, Mr. R S Sharma, Director (Finance) - the senior-most Director in the Board of Oil and Natural Gas Corporation Ltd. (ONGC), has taken over the additional charge as Acting C&MD of ONGC, with effect from 25th May 2006.
Mr. R S Sharma – 55 – is a Fellow Member of the Institute of Cost & Works Accountants of India and also an Associate Member of the Indian Institute of Bankers.
Mr. Sharma joined ONGC Board as Director (Finance) in March 2002. Mr. R S Sharma is also on the Board of ONGC Videsh Ltd. (OVL the biggest Transnational Corporation of India, operating in 13 countries), Mangalore Refinery & Petrochemicals Limited (MRPL) - another subsidiary of ONGC, ONGC Mittal Energy Services Ltd. (OMESL) and Indian Oil Corporation Ltd. (IOC).
Recently, Mr. Sharma has been conferred with – " India CFO Award 2005 – Excellence in Finance in a PSU", by International Market Assessment (IMA), in association with BNP Paribas, Sun Micro Systems and CNBC TV 18.
Under his financial stewardship, ONGC has achieved many laurels in financial management. Apart from securing a number of awards for Excellence in Financial Management, ONGC has also emerged as the Most Valuable Indian Corporate, in terms of Market Capitalization, Net profits, and Net Worth.
Speaking on the occasion, Mr. R S Sharma said, "The rich legacy of Mr. Subir Raha would continue and all efforts would be made to take the organization to the great heights which Mr. Raha had envisioned. The transition would be smooth, maintaining the culture of performance, in cooperation with all stakeholders."