To keep alive the memory of S Manjunath, the Indian Oil Corporation (IOC) employee who was murdered for not turning a blind eye to fuel adulteration and other malpractices, the PSU is instituting a Rs 5 lakh cash award and rolling trophy in his name.

The annual award will go to IOC’s best performing retail team. As sales manager, Manjunath was part of one such team.

The proposal for the award, aimed at propagating the “values for which the late Manjunath sacrificed his life” comes up for board approval on Monday. The award is proposed to be instituted from the current fiscal year with the award-giving ceremony to be held on Indian Oil Day on September 1.

The proposal speaks of a Quality & Quantity Enforcement parameter, carrying 10 per cent weightage. This will be for detection of malpractices. And if a squad or section other than the field team detects malpractices, the team will lose marks.

IOC says the scheme will promote team work by dividing the prize money equally among the members of the winning team.