Separate dept for PSUs in divestment list planned
New Delhi—In order to do away with the hurdles placed in the way of public sector undertakings (PSUs) divestment, the government is considering the setting up of a separate department into which all PSUs targeted for disinvestment would be shifted.
The proposed department is likely to be created in the finance ministry which is the only other executive agency that is pushing ahead the selloff agenda apart from the department of disinvestment (DoD).
The basic idea is to take the PSUs out of administrative ministries’ control so that privatisation is expedited. The DoD has been grumbling for quite some time that the administrative ministries have been trying to delay or obstruct privatisation.
Many champions of liberalisation had earlier mooted the idea of a separate body to carry out privatisation. Among others, former Planning Commission member Montek Singh Ahluwalia had recommended a similar idea for privatisation.
Back to News Review index page  

Mumbai collectorates start action against 60 cos
Mumbai—The Mumbai collectorate has initiated action against 60 financial establishments for defrauding investors of funds of Rs 500 crore.
The establishments have allegedly defaulted on repayment of deposits collected from investors.
The list prepared by the collectorate includes Suman Motels Ltd, Parasampuria Plantations, Brahmaputra Plantation Pvt Ltd, Kuber Group, Kanga-Mazda Marketing Ltd, Unique Enterprises, Dynamic Investments, Vatsa Music Company, Shivanand Finance Ltd, Sukhshanti Film Corporations, Green Cold Horticulture Ltd, Bhogilal Shah and Innovative Technologies.
The highest number of complaints is against an establishment CU Marketing, which is alleged to have defaulted to the extent of Rs 400 crore, and about 30,000 complaints have been received against this establishment.
Back to News Review index page  

IRDA mulls 2 policy-holders protection funds
New Delhi— N Rangachary, chairman, Insurance Regulatory and Development Authority (Irda) said that guidelines for policy-holders' protection, including setting up of 2 separate funds for life and non-life sectors, and another for third party administrators in health insurance would be finalised within two months.
The Insurance (Amendment) Act, allowing entry of brokers in insurance sector, is expected to be cleared in the monsoon session of parliament while a bill on actuary has been referred to the cabinet, Rangachary said.
Back to News Review index page