The Telegraph
Since 1st March, 1999
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Indian Oil officers protest split move

New Delhi, Oct. 8: The 30,000-strong workforce of Indian Oil Corporation (IOC) today resented the government’s move to privatise the retail network of the company. The IOC Officers’ Association has written a strongly worded letter to key Union ministers protesting against the move which according to them would “kill” the company.

The protest letter has been sent to disinvestment minister Arun Shourie, petroleum minister Ram Naik, finance minister Jaswant Singh and leader of the Opposition in Parliament, Sonia Gandhi.

The letter points out that IOC has contributed Rs 33,000 crore by way of direct and indirect taxes to the national exchequer during the last financial year, which constitutes as much as 14 per cent of the total tax collections of the government. “Such a contribution cannot be matched by any private company,” it adds.

The IOC officers have stated that “The proposal of the cabinet committee on disinvestment (CCD) will only help the cause of private companies who are keeping an eye for easy acquisition of such navratna companies, instead of creating such giant companies through their own hard work, competence and resources. This is not the fair way to create market competition.”

The officers have also pointed out that Indian Oil Company and Indian Oil Refineries was merged in 1964 through a gazette notification , which was done in public interest. Therefore, the move to split the company should also be referred to Parliament.

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