In a bid to speed up the process of closing down sick central public sector enterprises (CPSEs), Modi government has sweetened the package for employees opting for Voluntary Retirement Scheme (VRS) by giving them attractive compensation at 2007 notional pay scale.
An online system to process cases of vigilance clearance for senior-level appointments in central government was launched today by Union Minister Jitendra Singh.
Major reasons for losses include resource crunch, low capacity utilisation, oil plant and machinery, stiff competition, weak marketing and mismanagement.
All departments will have to mandatorily take permission of the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi before terminating services of senior officials in Central Public Sector Enterprises (CPSEs).
Together with the ETF proceeds, government has garnered Rs 30,000 crore from PSU disinvestment this fiscal. It will sell 10 percent stake in state-run miner MOIL tomorrow to garner Rs 480 crore.
The second tranche sale of government's exchange traded fund (ETF) of top 10 state-owned companies saw bids worth Rs 12,000 crore from investors, which is twice the amount sought to be raised.
In an interview to CNBC-TV18 Neeraj Kumar Gupta, Secretary, Department of Investment and Public Asset Management (DIPAM) spoke about his views on Central Public Sector Enterprises Exchange Traded fund (CPSE ETF).
Strategic disinvestment denotes sale of substantial portion of government shareholding in identified CPSEs up to 50 percent or more, along with transfer of management control.
The country's largest coal miner is also offering e-voting facility as an alternate mode of voting to all members to enable them cast their votes electronically instead of dispatching Postal Ballot Forms.
"78, 70 and 77 CPSEs incurred losses during 2012-13, 2013-14 and 2014-15 respectively," Minister of State for Heavy Industries and Public Enterprises Babul Supriyo said in a written reply to the Lok Sabha.
"The company by way of special resolution...has approved the buyback of not exceeding 10.89 crore equity shares of the company...at a price of Rs 335 per equity shares payable in cash for an aggregate consideration of Rs 3,650 crore," CIL said in a BSE filing.
Government is expected to go ahead with the strategic divestment in public sector units (PSUs) within the next six months besides closing down sick firms that are beyond revival, NITI Aayog Vice Chairman Arvind Panagariya said
The Department of Public Enterprises directed the Administrative Ministries/Departments to issue instructions in this regard to the CPSEs under them.
A Parliamentary panel today suggested that the central public sector enterprises (CPSEs) should spend money under the CSR obligations on development of the remote backward areas of the country.
"This was mainly on account of a decrease in their contribution to dividend, corporate tax and custom duty in 2014-15," as per the 2015-16 report card of the state of the economy tabled by Finance Minister Arun Jaitley in Parliament.
Indian railway finance corporation raises Rs 10796 crore as against the issue size of Rs 4532 crore.
Tyre Corporation of India (TCIL) is among the public sector units that had earlier been cleared for revival through the joint venture or disinvestment route.
In a review meeting with the heads of the Central Public Sector Enterprises (CPSEs) under the administrative control of railways, Prabhu also sought strong presence of all railway PSUs on the social networking sites for dissemination of information to the public.
The government holds 56.11 percent stake in GAIL. Divesting 3 percent interest will help government keep its shareholding well above 51 percent - minimum strategic holding it has decided to keep in key public sector units.
Department of Public Enterprises (DPE) has prepared the draft Memorandum of Understanding (MoU) norms based on the recommendations of a Working Group on MoU norms for Central Public Sector Enterprises (CPSEs), which was headed by PG Mankad.
Excess funds of some PSUs are estimated at around Rs 2.8 lakh crore. The government is working out guidelines for utilisation of such surplus funds with a view to boost investment and promote growth
CNBC-TV18‘s Manasvi Ghelani reports that the government plans to launch an ETF to boost divestment and lure participation from retail investors.
State-run manganese ore producer MOIL informed the steel ministry that if the organisation was allotted the coal blocks that they had applied for, it would expand into coal mining and power generation.
Top earning Central Public Sector Enterprises will have to double their minimum expenditure on corporate social responsibility (CSR) from beginning of 2013-14 fiscal, as per the new norms of the Department of Public Enterprises.
The government today said a proposal to provide non-Plan loan to eight sick central public sector enterprises (CPSEs), including Hindustan Cables and NEPA Ltd, is under inter-ministerial consideration.