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New Delhi March 2 The Oil Sector Officers Association (OSOA) representing over 45,000 officers of 13 oil sector companies have submitted a memorandum to the Prime Minister, Dr Manmohan Singh, demanding that the selection panel for the Chairman & Managing Director of ONGC be restored. The association has appealed to the Prime Minister to immediately intervene in the matter of the appointment of a CMD.

In a statement issued here, the association has noted with concern the Government's action in quashing the panel of candidates recommended by the Public Enterprises Selection Board for appointment of the CMD of ONGC. The Government decision to rope in outsiders for the post of CMD is considered an embarrassment caused not only to ONGC but the entire oil sector PSUs, it added.

"This could open the floodgate for transfer of critical information and business secrets of the CPSU(s) to their competitors in the private sector and thus facilitate siphoning off of the public wealth into private hands," the association said.

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