newsip has been from time to time sharing with our esteemed readers the concern regarding some blue chip PSUs which have outstanding history and play an important role in the economy of India. One such company is ONGC.
This company has seen a downslide under the current leadership. We showed how the Chairman being near to 60 years himself refused to step down on his own clarion call that those above 50 years should do so to make way for younger generation. This single statement has made irreversible changes in the rank and file of ONGC. It is reported that most ONGC employees(Over the Age of 50) have stopped working after this irresponsible comment made in public without repentance or a word of subsequent apology. This has had such a profound impact on the working of ONGC that from being a profitable company today it is seeing substantial losses.
Well, we wish to inform readers that instead of seeking ways to get out of the red; the company elders have now gone all out to splurge on media reports of grandiose investment plans and future achievements of ONGC. The nation is of course not going to be fooled. We shall also keep a track. We need to be mindful that ONGC’s 300 Million Dollars is stuck up in Russia with no plans in sight for recovery.
Some media reported stories that it’s between the devil and deep sea. It’s destiny is not under its control. The reasons cited for not making profits are nothing but a pile of excuses. The circumstances under which PSUs operate is well known and nothing new. If in past it could manage why not now ? What has changed ? Only the leadership. The current ONGC leadership is just not upto it. It has alienated, demoralised and made employees ineffective. The results are for all to see. From losses to money stuck up, no improvement in exploration, downward production, and now also a defeated workforce. It hurts to see such a brilliant PSU come to such a position. Anyway hope springs eternal that the leadership will see sense and actually work and not spring up distracting stories