Bulk of the companies having top-level vacancies are "not in good financial health and the government is finding difficulty in appointing suitable persons to head these companies
New Delhi: As many as 21 public sector companies including Pawan Hans, National Fertilizer Ltd, NMDC and MMTC are without a full-time Chairman and Managing Director, the Rajya Sabha was informed on Tuesday, reports PTI.
State-owned companies not having a full-time chief executive includes National Hydro-electric Power Corp (NHPC), National Mineral Development Corp (NMDC), Brahmaputra Valley Fertilizer Corp, RITES Ltd, Hindustan Cables Ltd, Chennai Petroleum Corp Ltd (CPCL) and Heavy Engineering Corp Ltd.
Heavy Industries and Public Enterprises Minister Praful Patel said during Question Hour that bulk of the companies having top-level vacancies are "not in good (financial) health ... and (the government) was finding difficulty in appointing suitable persons to head these companies."
Board-level appointments are done through interviews conducted by Public Enterprise Selection Board (PESB). Vigilance clearance of the shortlisted candidate is then taken and the name then forwarded to the Cabinet Committee on Appointments, the final appointing authority.
"There are some delays due to CVC clearance... (which is) beyond control of administrative ministries," he said, adding the process of selection is initiated one year before the vacancy actually arises.
"Of the 21 vacant posts, the recommendations of PESB are already available in respect of 11 posts and are awaiting vigilance clearance/approval of competent authority. The selection progress has already been initiated for filling up remaining 10 posts," he said.
When Rajiv Pratap Rudy (BJP) asked why the government chose to appoint Air India head through a search committee rather than going through PESB, Mr Patel said even candidates selected by search committee have to go through ACC.
Mr Patel, who was the Civil Aviation Minister when the Air India head was appointed through a selection committee in 2007, said his predecessor Mr Rudy too had made appointments through the search committee route. "What was done in the past was also followed by this government," he said.
It may be true that on paper, RIL does not hold any stake in any media company, as the minister stated in Rajya Sabha. However, the Reliance group now openly controls Eenadu TV and the Network18 Group
India's largest private sector entity, Reliance Industries Ltd (RIL), owned by billionaire Mukesh Ambani, does not have any direct holding in media houses or companies, listed or unlisted in print, broadcast and production. This is the written reply given by minister of state in the Ministry of Corporate Affairs, RPN Singh in the Rajya Sabha.
However, since the question may not have been asked correctly, the answer is an incomplete one. Earlier, this year, Independent Media Trust, a trust set up by Mr Ambani's flagship RIL agreed to fund promoters of both Network18 Media and Investments (Network18) and TV18 Broadcast (TV18) to subscribe to the rights issue of these companies.
Following the deal, Mr Ambani directly or indirectly controls Eenadu TV and the Network18 Group. That is about 30 channels across entertainment and news segments in English and regional languages.
RIL's deal with Raghav Bahl of TV18 group is one of the most complicated deals of all time. According to a press release, issued by RIL at that time, promoter companies of Network18 and TV18 and the Trust entered into a Term Sheet under which the Trust would be subscribing to the Optionally Convertible Debentures (OCDs) to be issued by the Promoter Companies.
"Reliance will leverage its deep understanding of the Indian markets-consumer insights, technological expertise, and the ability to build & manage scale-to make this a "win-win" partnership. This will create value and be accretive to the shareholders of RIL," the Mukesh Ambani group company said in a press release.
This was the first part of the deal. In the second part, Infotel Broadband Services (Infotel), a unit of RIL, signed a memorandum of understanding with both, TV18 and Network18 for preferential access for distributing all contents of the media group companies through its fourth-generation (4G) broadband network. As per the agreement, RIL would divest part of its interest in Eenadu TV (ETV) channels to TV18.
Earlier, RIL had admitted that the company and its group companies invested Rs2,600 crore in Ushodaya Enterprises, the holding company of ETV channels. As per the deal with Mr Bahl, the Mukesh Ambani group divested its 100% interest in ETV news channels, 50% in entertainment channels and 24.5% interest in Telugu channels to TV18.
About two months ago, Moneylife sent a mail to Nilrab Media Private Ltd, which is one of the trustees in RIL's Independent Media Trust. However, till date neither there is any answer nor there is any reply from Nilrab Media.
More than two decades ago Reliance had made a bid to enter the media by buying the Observer newspaper which it ran half-heartedly and closed down. Anil Ambani, the estranged and debt-strapped younger brother of the RIL chief was leading that effort. The ADAG group controlled by Anil Ambani has large stakes in TV Today and other media companies.
IDBI Samriddhi G-Sec portal offers two way quotes to retail investors that would provide easy entry and exit route when they invest in government securities
Mumbai: State-run lender IDBI Bank launched a market making portal for retail trading of government securities (G-Secs). The portal is named IDBI Samriddhi G-Sec Portal and is available to all investors from the lender's website.
RM Malla, chairman and managing director, IDBI Bank, said, "IDBI Bank has become the first Bank in the country to offer two way quotes to retail investors directed towards popularizing retail participation in the Government Securities market. Now with two way quotes, retail investors have an easy entry and exit route when they invest in Government Securities."
According to Melwyn Rego, executive director, IDBI Bank, investors would benefit by investing in G-Secs which are the most secured investments with liquidity and adequate returns as compared to any other investment in the country.