NPCIL generates electricity using nuclear energy through 19 nuclear power reactors located at six sites, with an aggregate installed capacity of 4,680MW
New Delhi: The Finance Ministry has proposed to list Nuclear Power Corporation of India Ltd (NPCIL) on the stock exchanges by selling 10% government stake, reports PTI.
The Department of Disinvestment in the Ministry of Finance this week sought comments on a draft note proposing listing of NPCIL through a initial public offering (IPO) of 10% paid up equity capital of the company out of government's 100% shareholding.
Sources privy to the development said comments on the draft note to the Cabinet Committee on Economic Affairs (CCEA) have been sought by 10th December.
NPCIL generates electricity using nuclear energy through 19 nuclear power reactors located at six sites, with an aggregate installed capacity of 4,680MW.
In addition, the company also generates 10 MW electricity from wind mills at Kudankulam.
It is constructing 6 nuclear power reactors with an aggregate capacity of 4,800 MW.
Sources said NPCIL has an authorised capacity of Rs15,000 crore, of which Rs10,174.33 crore is paid up capital.
It reported a net profit of Rs1,906 crore on a turnover of Rs7,914 core in 2011-12.
The net worth of the company is Rs25,428 crore.
Sources said prior to listing, four independent directors will be appointed in the company board to comply with the SEBI's listing norm of having equal number of executive and non-executive directors.
NPCIL board currently consists of five functional directors, including the chairman and managing director, and two government nominee directors. It has three independent directors.
The Vijay Mallya-owned Kingfisher Airlines has not paid salary to most of its 4,000 employees since May
Mumbai: Having failed to receive their salaries for May, pilots from Kingfisher Airlines have now threatened to approach Director General Civil Aviation (DGCA) if the management did not meet the commitment by Friday even as the regulator maintained that the issue is out of its purview, reports PTI.
"We have written to the airline's chief executive that if our salaries are not paid by today we will approach the DGCA to intervene in the issue," airline sources said.
The airline has not paid salary to most of its 4,000 employees since May.
The pilots' threat comes after the management, which had assured the employees that their three months' salaries, out of the seven months, will be paid in tranches by Diwali.
The airline, which is grounded since 1st October after its pilots and engineers went on strike demanding payment of dues, has temporarily lost its flying license.
However, the airline managed to convince the employees to end their agitation by assuring them that their three-month dues (March to May) will be remitted in three instalments by Diwali.
Subsequently, the agitation was called off on 24th October.
Meanwhile, a highly-placed DGCA official told PTI, "Payment of salary is an internal issue which the management and employees will have to sort out among themselves. Our concern is safety and we have already temporarily suspended the airline's flying license on this count."
The official, however, said that these issues will definitely be taken into consideration when the airline submits its revival plan.
"The employees should approach the appropriate authorities such as labour court or any other such institution to get the issue resolved," he added.
The airline has been told by the aviation regulator that its license will be revoked only when it submits a comprehensive revival plan and after taking views of all the stakeholders. .
Kingfisher has been grounded since 1st October and on 19 of the same month, the regulator suspended its flying licence.
The airline has a bank credit of Rs7,000 crore and the unpaid interest since January this year thereon, apart from over Rs10,000 crore of accumulated losses since the launch in May 2005.
The 17 lenders, led by State Bank of India, had set 30th November deadline to bring in additional capital infusion to the tune of at least Rs5,000 crore as a precondition to consider the airline's request for more working capital loan.
However, as of now there is no word from the company about the bankers' demand.
The apex court asked state governments of Maharashtra, West Bengal, Delhi and Puducherry to file their response within four weeks
New Delhi: The Supreme Court on Friday directed the Maharashtra government to explain the circumstances under which its police arrested two girls from Palghar in Thane district for posting comments on Facebook on the 18th November shutdown for Shiv Sena leader Balasaheb Thackeray's funeral, reports PTI.
"The Maharashtra government is directed to explain the circumstances under which the two girls - Shaheen Dhada and Rinu Shrinivasan - were arrested for posting comments made by them on Facebook," a bench comprising Chief Justice Altamas Kabir and Justice J Chelameswar said.
The bench asked the state government to file its response within four weeks on the public interest litigation filed by a Delhi student, Shreya Singhal.
The bench also made as parties the governments of West Bengal and Puducherry where similar incidents had happened in the recent past.
It also issued notice to the Delhi government along with them and sought their response within four weeks and posted the matter for hearing after six weeks.
Attorney General GE Vahanvati, whose assistance was sought by the court, said, "Please examine section 66A of the Information Technology Act, 2000 and I will assist the court on this issue."
The AG also referred to the guidelines which say that cases to be registered under the provision of the IT Act has to be decided by senior police officials of the ranks of DGP (Director General of Police) for cases pertaining to rural areas and IGP (inspector-general of police) for metros.
"This can't be done by the head of the police stations," the AG said, adding that this was a matter which required the court's consideration.
Meanwhile, senior advocate Mukul Rohatgi, appearing for Shreya, sought a direction from the apex court that no cases be registered across the country unless such complaints are seen and approved by the DGP of the state concerned.
During the hearing, the Attorney General said that the arrest of the two Palghar-based girls was unjustified but it does not mean that section 66A should be done away with as the provision was well intended.
Rohatgi said that the provision of the IT Act, which gives power to arrest, is "wholly unconstitutional" and needed to be done away with.
"The provision is unconstitutional. Of course, it would be decided by the Supreme Court," he said, adding that a direction to all the states was required that no case be registered under this provision unless the complaint is seen and approved by the DGP concerned of the state as "the law and order is a state subject and unless there is some kind of order from this court, this (abuse of the provision) may not stop."
There are thousands of police stations in the country and, hence an order from this court is needed, Rohatgi said, to which the bench said that all police stations are not alike.
Meanwhile, some other civil rights group and NGOs submitted to the court that they be also allowed to intervene as parties to the ongoing hearing on this issue.
"Not only one section, there are other provisions of the Act and the rules which are unconstitutional," Prashant Bhushan said, while seeking to intervene as a party.
Rohatgi said, "I have no objection if a person is allowed to intervene..."
On Thursday, while agreeing to hear the public-interest litigation (PIL) seeking amendments to the IT Act, the bench had said, "The way the little children were arrested, it outraged the sentiments of the people of the country. The way these things had been taking place needs consideration."
The petitioner, Shreya, in her plea, has contended that "the phraseology of Section 66A of the IT Act, 2000 is so wide and vague and incapable of being judged on objective standards, that it is susceptible to wanton abuse and, hence falls foul of Article 14, 19 (1)(a) and Article 21 of the Constitution."