The Director, Finance of Hindustan Aeronautics Limited (HAL), D Shivmurti was asked to leave abruptly, last month, after being denied an extension of his appointment by the Public Enterprises Selection Board. He was supposed to have completed his five-year term on October 27 last year. According to the rules, the appointment of Director, Finance can be held only for five years or until the age of 60, whichever is earlier, in the absence of an extension.
However, he was allowed to continue in office by the Ministry of Defense until further orders, after he was denied confirmation last October.
Shivmurti had tossed the idea of an HAL IPO (Initial Public Offer) in the air at the Bangalore Air Show, saying it would be subject to government approval. He had also officiated as chairman, since the incumbent Ashok Nayak was indisposed for family reasons.
He went home abruptly on March 3, after being informed around midday that his services were no longer required.