The inquiry will bring under a scanner Arun Shourie, the then disinvestment minister, and Bharat Hotels Chairperson Jyotsna Suri.
The move to disinvest the public sector Bharat Sanchar Nigam Ltd has united all central trade unions once again and they have called an indefinite agitation from April 19 against the move.
The Indian Budget 2009-10 presented by Finance Minister Pranab Mukherjee earlier this week, has disappointed many Indian American investors as it does not focus adequately on some of the key issues, including disinvestment and infrastructure development, IACC said on Friday.
'Start-ups that generate a majority of their income in India are likely to opt for an Indian listing.'
The Planning Commission deputy chairman Montek Singh Ahluwalia said on Wednesday objections to the disinvestment progammes of the government can be sorted out through discussions. Although the government has expressed its commitment to offload equity in state-owned companies while retaining 51 per cent share, the supporting Dravida Munnetra Kazhagam had raised objections to it.
The department of investment and public asset management is scouting for investment bankers and legal advisors to carry forward the transactions.
The new owner may be allowed to dispose of assets accruing from the 10-26 per cent of the net assets of the company.
Industry observers were anticipating further divestment in the two public sector companies. The government has already divested about 13 per cent of its stake in aluminum producer Nalco and 0.41 per cent in the copper firm Hindustan Copper. Both, the companies are listed on the bourses.
"We are in interactions with the Ministry of Steel for SAIL, we are in interactions with the Coal Ministry on Coal India. On BSNL also, we are in interaction with the IT and Communication Ministry."
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
Within hours of going on indefinite strike, the employee unions of BSNL on Tuesday called off the protest after the government assured that the issue of disinvestment in the telecom PSU will be referred to a Group of Ministers.
SAIL on Friday said the finance ministry has given its in-principle approval for 20 per cent disinvestment of the steel giant.
The government on Monday rapped state-owned BSNL for poor financial performance and made a case for disinvestment in the telecom PSU through an initial public offer.
About Rs 4,257 crore worth of bids have been received so far and the Centre hopes that retail investors - those investing up to Rs 2 lakh - will place bids worth at least Rs 750 crore.
Prime Minister Manmohan Singh on Thursday indicated that the full Budget for 2009-10 may announce a disinvestment of government stake in public sector companies. A host of companies waiting for the government nod for disinvestment include Bharat Sanchar Nigam Ltd, railway consultancy firm RITES, National Aviation Company, and Ircon.
The government may offload a maximum of 10 per cent of its stake in the state-run firm. Currently, its holdings in CIL stands at 100 per cent.
The government is betting on the fact that it will be conducive for the new owner to give voluntary retirement scheme
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
Govt may further hike excise on petrol, diesel before Budget.
The government sold 63.16 crore shares or 10 per cent stake in Coal India through an offer for sale (OFS) on January 30.
May dilute stakes in PSUs to 90% instead of big-bang approach
Coal India would be second company to hit the markets under the government's disinvestment programme.
One crucial revenue source that can help the government achieve its fiscal-deficit target is the proceeds from the sale of its stakes in public sector companies.
The Centre has identified 50 new public sector undertakings (PSUs) to be put on the capital markets for selling 10 per cent of government stakes to raise funds for development programmes.
Clearly, the extra borrowing of Rs 4.2 trillion the government has planned so far will not be enough to meet the shortfall in revenues which could be between Rs 8 trillion and Rs 10 trillion, points out A K Bhattacharya.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
The economic slowdown in India preceded global meltdown due to stoppage of reforms by the UPA government, former union disinvestment minister Arun Shourie said.
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
Reliance Industries, which sold stake worth $21.7 billion in Jio Platforms, kept the league tables moving in spite of the pandemic.
The steel ministry has sent the proposal to sell 10 per cent of the government's holding in state-run Manganese Ore India Ltd to the Department of Disinvestment, Parliament was told on Friday.
Petroleum ministry strongly supported the proposal of 26 per cent government holding in Hindustan Petroleum Corporation in the post disinvestment era to prevent new management from stripping or re-selling of company's assets to third party.\n\n
Economists want the government to focus on jobs, farms, and fiscal consolidation. They also favour re-imposition of the long-term capital gains tax on listed securities and mutual funds.
Centre's disinvestment policy Saturday came in for sharp criticism from some States with BJP ally Biju Janata Dal in Orissa going so far as to seek a separate National Democratic Alliance meeting on it.
Against FY17 target of Rs 56,500 cr, Centre plans to fetch around Rs 6,400 cr in the first half.
The comments follow media reports that the government is looking to sell 10 per cent stake in Coal India to raise Rs 24,000 crore (Rs 240 day).
The government had last sold 5 per cent stake in ONGC in 2012 for Rs 14,000 crore (Rs 140 billion).
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
The list is of companies declared sick as on March 31, 2014.
The government will soon issue guidelines for regulation of OTT (over the top) platforms that will address issues such as sensitive content, the Rajya Sabha was informed on Tuesday.
