Govt to sell entire stake in 3 sick PSUs

While the government holds the entire stake in Tyre Corporation of India and Central Inland Water Transport Corporation, it has a 95.38% holding in Scooters India

New Delhi: The government on Thursday said it has approved to sell its entire stake in three sick PSUs—Scooters India, Tyre Corporation of India and Central Inland Water Transport Corporation to strategic investors, reports PTI.

“The government has approved sale of entire shareholding to a strategic partner in Central Inland Water Transport Corporation, Scooters India and Tyre Corporation of India,” minister of heavy industries and public enterprises Praful Patel told the Lok Sabha in a written reply.

The government owns 100% equity in Central Inland Water Transport Corporation which is engaged in the transportation by inland waterways.

West Bengal-based Tyre Corporation, engaged in manufacturing and marketing of automotive tyres, is also wholly-owned by the government.

In Scooters India, the government holds 95.38% stake.

Further, Mr Patel said strategic sale in loss-making Central Public Sector Enterprises (CPSEs) is taken up on a case-to-case basis, when efforts for their revival fail.

The Board for Reconstruction of Public Sector Enterprises (BRPSE) advises the government on the revival and restructuring of sick state-owned companies.

The concerned ministries/departments prepare proposals for revival of loss-making companies and refer them to BRPSE for recommendations.

During 2009-10, 59 sick PSUs registered losses worth Rs15,842 crore, Mr Patel said.

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2G case: Raja’s private secretary Chandolia gets bail

With grant of bail to A Raja’s erstwhile private secretary RK Chandolia, only Mr Raja and former telecom secretary Siddharth Behura have been left in jail. All 12 other accused, arrested in the case, have now secured bail

New Delhi: Former telecom minister A Raja’s erstwhile private secretary RK Chandolia, arrested for his alleged role in the second generation (2G) spectrum case, was on Thursday granted bail by a Delhi court, reports PTI.

“The bail application is allowed,” special CBI judge OP Saini said, accepting Mr Chandolia’s bail plea.

With grant of bail to Mr Chandolia, only Mr Raja and former telecom secretary Siddharth Behura have been left in jail. All 12 other accused, arrested in the case, have now secured bail.

Mr Chandolia, who has been in jail since his arrest on 2nd February, this year, was granted the relief on furnishing a personal bond of Rs3 lakh with two sureties of the like amount.

The court had on Wednesday reserved its order on Mr Chandolia’s bail plea after hearing counsel for the accused and the CBI.

The CBI had opposed Mr Chandolia’s bail plea saying he, Mr Raja and Mr Behura were public servants and formed the ‘core sector’ of conspiracy and stood on a ‘different footing’ from those granted bail in the case.

“The core sector of conspiracy comprises these three gentlemen (Mr Raja, Mr Behura and Mr Chandolia) and they fall in the same category which is different from others who are granted bail,” special public prosecutor UU Lalit had said.

“These three gentlemen are on a different footing... It will be unrealistic to draw parity with those released on bail,” he had said.

Vijay Aggarwal, counsel appearing for Mr Chandolia, however, had contended that even the apex court has “not dissected the case and granted bail not to the individual accused but in the 2G case”.

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Govt approves Rs800 crore interest subsidy to exporters

The scheme under which 2% interest subvention is given to commercial banks for their concessional lending to exporters has been extended for the current fiscal year for handicrafts, handlooms, carpets and small and medium enterprises sectors

New Delhi: The government on Thursday approved additional Rs800 crore for extending interest subsidy to exporters till March 2012 in the backdrop of slowdown in major global markets in Europe and the US, reports PTI.

The scheme under which 2% interest subvention is given to commercial banks for their concessional lending to exporters has been extended for the current fiscal year for handicrafts, handlooms, carpets and small and medium enterprises (SME) sectors.

The approval was given by the Cabinet Committee on Economic Affairs (CCEA).

Till date, Rs1,654 crore has been released to RBI for reimbursement of interest subvention, whereas total requirement projected by RBI for the period up to March 2011 is Rs3,892 crore.

As much as Rs800 crore is required for implementation of the scheme till March 2012.

The Eurozone crisis has been biting Indian exports which grew year-on-year by 10.8% to $19.9 billion in October, the lowest in the last two years.

From a peak of 82% in July, export growth has been slipping to 44.25% in August, 36.36% in September and 10.8% in October.

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