All oil psu's are in loss because money is being siphoned out of it. It a strategy for govt to pump in money into it and then eat it. Sam e is happening in all PSU, same happened in Air India. Answer for all Miseries privatisation which will also end subsidy.
Re: money being siphoned out
by paper india on Aug 15, 2012 06:38 AM
Wow ! You are some authority on PSU's. Then please also tell us how the money is siphoned off. These are not UP-Bihar zila parishads, you see !
Re: money being siphoned out
by Sudhir Bisht on Aug 19, 2012 05:27 PM
I think accusing a company like IOC of corruption is highly unjust and grossly unfair. Kindly explain how could the money ever get siphoned off.
Thanks for giving your valuable suggestions to the IOC...but the easiest way that will be adopted is.. Cry for Subsidy..never giving details of elements of Taxes and cost of production...or imports or the points of conversion of currencies...increase the prices of petrol,diesel or LPG on the basis of various excuses like fall in rupee value, increase in international prices of crude etc.
well guys please note a corporation cant delay dividend or taxes payment there are statutory obligations which will lead to further issues further, i agree chairman should be bold enough to government but please note government has Major shares we cant merge this entity as its difficult to manage post a specific size
Re: basics
by qwerty on Aug 15, 2012 08:24 AM
Well, the dividend payment can be converted to equity by issuing Bonus Shares. But with Secretaries in the ministries as board members, there is no way this would be done!, also seems author even when being an ex OIL expert lacks simple knowledge that Excise is payable at the time of goods leaving the premises and can not be postponed, and yes all chairmen/directors in PSU have to be yes men to get these jobs, have not ever heard of a director/chairman differing with ministries ( and in turn the minister who is a political and not apolitical person) and surviving his job.
While we agree loss to a listed PSU caused by government policy can be termed as cheating but the suggestion devised by the illogical Mr. Bist are equally pathetic. Wish we could have some quality journo's on rediff.
Another important thing is that why we are not exploring option of merging the three Oil PSUs in one single entity as it will allow rationalisation of costs of transportation, enabling functions.
These PSU Chiefs are only worried about their chair, which on the mercy of PMO and Ruling Party. So they can not make them angry. As far as losses are concerned they will be recovered by only Middle Class Indian only.
Re: Indian Oil
by S K NAIR on Aug 14, 2012 12:48 PM
I DON'T AGREE THE SO CALLED LOSSES. OUR NEIBOURING COUNTRIES ARE SELLING PETROL AND DIESEL MUCH CHEAPER THEN US. THAY DON'T CRY FOR LOSSES.
