Bhubaneswar, Dec 23 (UNI) The Confederation of Nalco Officers Association (CNOA) today alleged that a conspiracy was on to deny the Navaratna status to NALCO even though it fulfilled all criteria.
CNOA, an umbrella body constituted today to fight for the cause of more than 1800 officers of Public Sector NALCO, said whilst some companies whose performances were lower than NALCO were given Navaratna status but NALCO was denied to have it even though it scored more points than those.
The CNOA office bearers said the Union Ministry was not appointing the independent directors, a mandatory provision for getting Navaratna status as they did not want to lose their hold and give more financial and functional autonomy to the Orissa based company.
As per the rule, the independent and functional directors should have 50 per cent ratio each in the management board. The NALCO Board which has a strength of 16 directors should have eight functional and eight independent directors to get the Navaratna status.
The company has eight functional directors and three independent directors. But the ministry was not appointing five independent directors deliberately for which the company was not getting the prestigious status, they alleged.
The officers also demanded steps to utilise the company's reserve funds for its expansion. Disbursement of five per cent of the profit to the officers and to carry on practice of conducting Departmental Promotion Committee twice a year.
They also threatened to resort to agitation if their demands were not met soon.
The members representing all the three officers association- Anugul Smelter and Plant, Damanjodi Officers Association and the Officers Association of the Corporate office, Bhubaneswar, were present today.
They said they would hold general body meetings in their respective units and chalk out the agitational programme if their demands were not conceded to.
The officers said though the company has a reserve fund of more than Rs 5000 crore but it was not taking steps for its expansion. As a result of which companies like Vedanta, Hindalco and Sterlite were making a foray into the state.
NALCO which once was the largest company in Asia now figured third in the country, the officers said.
They also opposed the decision of the company to buy Orissa Textile Mills and on the otherhand they demanded the company to buy FCI where the company could easily run a smelter plant.
They said they were eligible to get five per cent of the distributable profit as the justice Mohan Committee recommendations and the guidelines of the Deartment of Public enterprise in 1997.
Several other organisations had paid the profit to their officers.
The Nalco management in response to a case told the High Court to pay the profit within three months but though seven months had been passed they had not yet given it.
They also alleged the NALCO management had unilaterally decided to hold the Departmental Promotion Committee for executives once in a year in place of earlier practice of twice in a year.
The officers alleged that some people were making a calculated manner to demoralise the officers to halt the growth rate of the plant.