The divestment panel has asked the government to defer
the ONGC sell-off citing 'lack of investor confidence
in the company' cas the primary reasons for doing so.
The panel report stated that the investor perception
has turned negative towards the company for three
reasons. Firstly, no important reserve has been
discovered since 1987. Secondly, though the
administered pricing mechanism was phased out, the
full realisations of international prices would be
possible only after 2002, and lastly, there is
substantial negative perceptions towards PSU oil
stocks in the light of the recent restructuring of
cross holdings between companies.
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