Government to sell immovable Enemy Properties this fiscal to mop up revenues
The government will sell the immovable properties like land and buildings of the Enemy this fiscal to augment the divestment revenues and will also get its share from the proceeds of the non-core asset sales of the CPSEs, a top official said.
 
"We got Rs 1,800 crore from the sale of 'Enemy Property' last fiscal and now we are looking at selling land and buildings of 'such properties. We will look at those properties which have clear title paper and the transactions involves its custodians with DIPAM being provided all relevant documents together with information on encumbrances or encroachments," Atanu Chakraborty, Secretary, DIPAM told IANS in an interview. 
 
The government has increased disinvestment target for FY20 from earlier Rs 90,000 crore to Rs 1,05,000 crore. It is thus looking at all possible ways of of mobilising disinvestment proceeds. 
 
Asked if DIPAM has set any target for the sell-off proceeds of immovable Enemy Property, Chakraborty said: "We don't intercede such targets. All these processes are very time consuming involving legal issues, contracts, agreements and titles all these have to be worked out. Even transactions small or big one like Air India, the spade work is huge."
 
The 'Aliens' or Enemies are not the citizens of India. These are the people who at the time of partition or later went to Pakistan or Bangladesh or anywhere and left properties behind. Their properties are with the Custodian of Enemy Property.
 
As DIPAM is currently undertaking the exercise of selling of identified non-core assets of the CPSEs, there is an issue of who will get the proceeds of such sales? Whether its DIPAM or the CPSE whose assets are being sold off. 
 
"Its a complex process.. but however that proceeds would be treated as proceeds from strategic divestment. It will go on case to case basis on what would be the principles of sharing. But since it is non-core asset to the concerned CPSE with no credible financial use, it will go on case to case basis on what would be the platform for principles for sharing. But since that's an asset which doesn't have a very credible financially viable use for the CPSE, obviously the promoter -- government does deserve a share. It will be on case-by-case on who DIPAM or the concerned CPSE gets the lion's share," the Secretary said. 
 
If the CPSE wants to sell some of its core assets like its loss making power plants, they can go ahead to it on their own. But if they want securitise some part of their core assets, there DIPAM can have a role. 
 
He said hiving off entire core assets is not DIPAM's domain. Airlines industry does it because there, the sale and lease-back kind of arrangement. It's part of the regular operations which companies do. If in a petroleum company, certain pipelines are leased out, it's a limited case. If everyone started selling out their core assets, they shouldn't be involved in business, the Secretary said. 
 
In case of CPSEs hiving off non-core assets and then DIPAM selling off them, Chakrabortty said first the ownership has to change. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Saravana Bhavan owner P Rajagopal dies in Chennai hosptial
    The founder of Saravana Bhavan chain of South Indian restaurant P. Rajagopal, who surrendered last week to serve a life term for a murder committed decades back, died here on Thursday morning in a private hospital, police said.
     
    The 71-year-old, dubbed the "Dosa king", was shifted to a private hospital here on Tuesday on the orders of Madras High Court from government Stanley Hospital where he was being treated in the prison ward.
     
    Rajagopal had arrived in an ambulance with an oxygen mask strapped to his face after the Supreme Court turned down his request to delay his sentence on medical grounds. 
     
    Sentenced to life term for the murder of his employee, Prince Santhakumar, Rajagopal surrendered before a court here on July 9 after the apex court dismissed his petition, seeking more time for surrender.
     
    Sent to prison, he was admitted to the government hospital later the same day after complaining of giddiness.
     
    Rajagopal had also sought that he be exempted from being sent to jail and his hospitalisation be treated as a deemed jail term. The court had refused the plea.
     
    The case that goes back to the 1990s, had attracted considerable attention both in India and abroad. 
     
    Rajagopal allegedly wanted to marry a woman, on the advice of his astrologer.
     
    At the time, Rajagopal had two wives and the young woman, then in her twenties, rejected him. She married Santakumar in 1999. The prosecution told the court Rajagopal threatened the couple in 2001 and demanded they end the marriage.
     
    Days after the couple went to the police, Santhakumar was kidnapped and killed. His body was found in the forests.
     
    The founder of the restaurant chain popular in the country and overseas, Rajagopal was sentenced by a sessions court to a 10 year jail term on charges of killing Santhakumar.
     
    He had appealed in the Madras High Court, but it upheld his conviction while enhancing the sentence to a life imprisonment. The conviction and sentence were upheld by the apex court in March and he was supposed to surrender on July 7 to begin his term.
     
    He moved the apex court to delay the beginning of his term, citing ill health, but got no relief from it.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    1 month ago

    Deal seems to be to hold the sentencing till his last few days so he can spend it with his family.

    ICJ stays Kulbhushan Jadhav's execution; asks Pakistan to review sentence
    In a major victory for India, the International Court of Justice (ICJ) on Wednesday ordered continued stay on the execution of Kulbushan Jadhav and asked it to reconsider the sentence.
     
    The world court also directed Pakistan to grant consular access to Jadhav, while holding that it had "breached" the Vienna Convention in this regard by denying him this right.
     
    The court rejected all the objections of Pakistan, including on admissibility of the case and the claims by Islamabad that India had not provided the actual nationality of Jadhav.
     
    The ICJ said that it was satisfied that Jadhav, who was arrested in March 2016 and sentenced to death by a military court in Pakistan on charges of spying in April 2017, was an Indian national.
     
    It observed that even Pakistan had acknowledged the fact that Jadhav was an Indian national.
     
    The court, in its ruling by 15-1, declared "a continued stay of execution" on Jadhav, saying it "constitutes an indispensable condition for the effective review and reconsideration of the conviction and sentence" of the accused.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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