He further said Sidhu's resignation has been forwarded to Punjab Governor V P Singh Badnore.
The 79-year-old widely respected and popular leader steered the Congress in 2017 to a landslide victory in the 117-member assembly to occupy the chief minister's post for the second time.
Post-sale, the government stake would be 75 per cent, which will help NTPC to comply with the minimum public shareholding norms.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
Earlier this year, the Union Cabinet gave the management of state-run companies the freedom to decide on divesting their subsidiaries. However, the very next day a meeting was held at the top level of the Government of India, for the presentation of proposals for more autonomy for state-run companies. Interestingly, no chiefs of any of these companies were invited. It is a problem that will stare the government in the face with the state-owned banks too, as talks have again begun for inviting strategic investments in these companies.
Tata Sons has emerged as the top bidder for the takeover of debt-laden State-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.
Verma has sought quashing of three orders of October 23, 2018 -- one by the Central Vigilance Commission and two by the Department of Personnel and Training, as being without jurisdiction and in violation of Articles 14, 19 and 21 of the Constitution.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules.
Williams Grand Prix Holdings (WGPH) published results for 2019 showing Formula One revenue slid to 95.4 million pounds ($117.6 million) in 2019, down from 130.7 million pounds the previous year.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
The Tatas have the know-how to quickly close deals which can otherwise get caught in legal wrangle. In 2018, on the day the National Company Law Tribunal declared Tata Steel as the winner of the bid for bankrupt Bhushan Steel, Bhushan promoter Neeraj Singhal was planning to file for a stay order. He did get the case listed for the following day, but the judge did not admit it, deferring it until the following week. The Tatas used the narrow window of 48 hours to close the deal and take control of the company.
With recent issues from state-run companies receiving lukewarm response from the markets, the government has downscaled its divestment programme this year, restricting it to a maximum of eight companies.
On Saturday, Amarinder Singh had accepted Sidhu's "one-line" resignation and forwarded it to Punjab Governor V P Singh Badnore who conveyed his acceptance of the same.
Against FY17 target of Rs 56,500 cr, Centre plans to fetch around Rs 6,400 cr in the first half.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
He has also sought stay of the Centre's order asking him to proceed on leave and giving the interim charge of his post to Joint Director M Nageswara Rao, a 1986 batch Odisha-cadre IPS officer.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
To check fiscal deficit, government needs to drastically cut Plan expenditure.
State-owned companies have been set stiff targets to increase accountability as they get ready for divestment. Nikunj Ohri explains why meeting them will be challenging.
Finance Minister Nirmala Sitharaman on Tuesday said monetisation of Central Public Sector Enterprises (CPSE) assets is based on the principle of value creation for the government and investors and would bring about a paradigm shift in infrastructure augmentation and maintenance. Chairing the National Workshop with the states/UTs on Asset Monetisation organised by Niti Aayog, the minister sought the collaboration of states for the holistic development of infrastructure. She said India can become a $5 trillion economy, while striking the right balance between fiscal imperatives and socio-economic welfare, through active collaboration between the public and private sector.
Sidhu, who had been at loggerheads with Chief Minister Amarinder Singh, had stayed away from all Congress activities ever since he resigned as cabinet minister last year.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
The government on Monday signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Earlier this month, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of the salt-to-software conglomerate, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. Following that, on October 11 a Letter of Intenet (LoI) was issued to the Tata Group confirming the government's willingness to sell its 100 per cent stake in the airline.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
While Road Transport Minister Nitin Gadkari has been dropped, the panel now has four ministers - Shah, Finance Minister Nirmala Sitharaman, Commerce and Railway Minister Piyush Goyal and Civil Aviation Minister Hardeep Singh Puri.
'The solution is to enable a graceful transfer of the deposit and funding 'franchise' from capital-deficient firms to capital-surplus firms.' 'This will expand credit intermediation, bring down its costs, and put the financial sector on a definite path of recovery,' argues former RBI deputy governor Viral Acharya.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
After more than two decades and three attempts, the government has finally sold its flagship national carrier Air India, and it is deja vu for Maharaja as it returned home to its founding father the Tata group. Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932 and named it Tata Airlines. In 1946, the aviation division of Tata Sons was listed as Air India, and in 1948, the Air India International was launched with flights to Europe. The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest. In 1953, Air India was nationalised and for the next over four decades it remained the prized possession for India controlling the majority of the domestic airspace.
There's no doubt that now Captain Singh has no choice: A succession plan has been forced on him. He can sulk, or he can fight back. But the playing field is no longer as level as it was.
The changes are in view of the requests received from interested bidders and the prevailing situation arising out of COVID-19.
Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said. BPCL holds 12.5 per cent of shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by Department of Investment and Public Asset Management (DIPAM) - the department running the process for sale of government's entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for acquisition of 26 per cent shares, three sources with knowledge of the matter said.
Centre might move swiftly on its next round of strategic sales in CPSEs
Soon after news of her being relieved from the water conservation portfolio became public, Munde said she was to reach Singapore to attend a global water leader summit on Monday but won't do so as she was no longer the minister of that department.
The govt may offload 9.5 per cent stake and bring its holding down to 75 per cent.
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