K.KANNAN(803369) MANAGER Vs. MANAGING DIRECTOR

JUDGEMENT

(1.) The transfer policy approved by the Board of Directors of Chennai Petroleum Limited (CPCL) in their 305th meeting held on 11.07.2015 as well as the consequential transfer orders issued to the writ petitioners in proceedings dated 01.04.2019, are under challenge in these writ petitions.

(2.) The learned Senior Counsel appearing on behalf of the writ petitioners states that the first respondent Corporation was formerly known as the Madras Refineries Limited, which was formed as a Joint Venture between the Government of India (GOI) and National Iranian Oil Company (NIOC) and AMOCO. Thereafter, during the year 2001, GOI divested its shares in favour of the Indian Oil Corporation Limited. At present IOCL holds around 51% of the shares of the 1st respondent Corporation, Naftiran Intra trade Co Ltd., 15% and the remaining shares are held by financial institutions, Insurance companies, banks etc.

(3.) The learned Senior Counsel appearing on behalf of the writ petitioners state that the respondents have absolutely no power to transfer the officers of the respondent Corporation. Undoubtedly, it is a subsidiary corporation of IOCL and even then the transfer policy cannot be implemented without the consent of the officials concerned.