Post- Retirement Employment of Functional Director of CPSES

New Delhi December 11, 2013: The Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, has issued guidelines dated 15th May, 2008 which provide that no functional Director of the company including the Chief Executive who has retired/resigned from the service of the company, after such retirement/ resignation, shall accept any appointment or post, whether advisory or administrative, in any firm or company, whether Indian or foreign, with which the company has or had business relations, within one year from the date of retirement without prior approval of the Government. Giving this information in written reply to a question in the Rajya Sabha today, Shri Praful Patel, Minister of Heavy Industries and Public Enterprises, said that the term retirement includes resignation; but not the cases of those whose term of appointment was not extended by Government for reasons other than proven misconduct. The term ‘business relations’ includes ‘official dealings’ as well. 

Shri Patel said that the period of one year has been prescribed keeping in view similar provisions applicable for Government servants.CCI Newswire