R S Sharma, whose appointment as head of
ONGC was culled earlier this week, has decided not to quit as acting chairman and managing director and will hold the top post till the government appoints a full-time head.
"We need to respect the system, under which we operate. Under the spirit I treat government of India decision with respect, honour and high esteem," Sharma said in an internal message to ONGC employees.
Sharma who has been officiating as the chief managing director, ONGC since May 2006, when the government decided not to extend the term of Subir Raha, was selected for the top job by the Public Enterprise Selection Board on August 30, 2006.
But despite getting all necessary clearances from the CBI, IB and CVC, the Prime Minister's Office
this week scrapped the recommendations and called for fresh interviews.
"The interest of the company, which has provided sustenance and social standing to me and my family for the last over 18 years; remains absolutely beyond personal sentiments and interest. The situation demands that the company should not be weakened and let no feeling of instability be conveyed to any of the stake holders, above all, to the 34,000 strong human work force," he said.
Sharma said he had received "categorical strong and persuasive messages" from Petroleum Minister Murli Deora and Petroleum Secretary M S Srinivasan to abide by the decision.
"Under the scenario, I will continue to hold for the time being the dual responsibility entrusted upon me," he said. "Let the most competent person be appointed to lead this premier Navratna PSU for its strategic and futuristic growth."
