ONGC Videsh Ltd's first director, finance, the un-put-downable N C Pany, has bagged this year's Rashtriya Ratan Award for Corporate Management. Pany was handed the trophy by the Union minister for parliamentary affairs, Madan Lal Khurana, on October 30.The Best Graduate of the State of Orissa in 1963 and topper of the ICWAI examination, Pany has also won kudos in-house for his management abilities. He was adjudged the Best Manager within the company in 1991.

Understandably, Pany is gloating, but not about the trophy. Rather, the ONGC finance director is celebrating the first ever profit--of a comfortable Rs 6 crore--by the Oil and Natural Gas Corporation (ONGC) subsidiary. The feat was accomplished by a change in accounting principles brought about by Pany.

Pany delinked ONGC-Videsh's accounting practice from that of its parent, which follows the ``successful method''. The result was a whopping profit. A Comptroller and Auditor General's (CAG) clean chit for themethod now gives ONGC's overseas exploration arm cause for more cheer and its finance director a feather in his cap.