In its continuing series of Guest Lectures and Thought Leadership programmes, PetroFed organised a lecture on ‘Political versus Corporate Governance in Parastatals' by Prof. Samir K. Barua, Indian Institute of Management, Ahmedabad on March 15, 2007 at New Delhi .

Shri B.K. Bakhshi, former Chairman, IndianOil felicitated Prof. S.K. Barua and chaired the session.

In his scintillating lecture on Political versus Corporate Governance in Parastatals, Prof. S.K. Barua made a clear distinction between Political versus Corporate Governance. Tracing history from the start of the on-going process of reforms in India since 1991, Prof. Barua highlighted the compulsions before the country prevailing then and its consequential changes in the functioning of public sector enterprises. Public sector units were given greater autonomy for superior performance and budgetary support was practically eliminated in all segments of the oil & gas sector.

The drive for improved performance of public sector units was healthy and is continuing. Some unusual steps taken then, violations of market norms and regulations by governmental agencies were discussed for avoidance and recent experience of transparent functioning in an overseas setting was presented.

Prof. Barua further observed the budget constraints became much harder with the opening of the economy. He emphasised that PSUs need greater injection of funds to become competitive through technology up-gradation, rightsizing, scaling-up and widening of scope of business.

Recent changes in Clause 49 of the SEBI's Listing Agreement were also discussed.

A lively question and answer session followed the talk of Prof. Barua. The House desired that PetroFed should attempt to include government participation also in such dialogues. Director General, PetroFed assured that action would follow.

Shri S.L. Das, Director (BD&C), PetroFed offered a vote of thanks to the Chair, the Guest Speaker, the participants, the Indian Oil Corporation and the organizing support team.

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