(by Baby Thomas)
Govt. plans single holding firm for PSEs
Posted on 05-Apr-2012
Vaidyanathan Iyer : New Delhi, Mon Apr 02 2012, 02:24 hrs
The government is considering wide-ranging reforms in central public sector enterprises (CPSEs) which, if implemented, will see its role being transformed from an active promoter to a professional portfolio manager or a venture capitalist, with the twin objectives of managing investments and deciding which sectors to invest in.
To achieve this paradigm change, the government may, as a first step, create a single holding structure and then transfer the ownership of select CPSEs, for instance, the maharatnas — the biggest and most profitable CPSEs — to this holding company.
At present, five CPSEs — NTPC, SAIL, ONGC, Indian Oil Corporation and Coal India Ltd — have been accorded maharatna status by the department of public enterprises. Further, equity in all future CPSEs will be held by the proposed holding company, and not by the government.
The idea is to ensure that the CPSEs are run without direct interference by administrative ministries in their day-to-day affairs, Arun Maira, Member, Planning Commission, told The Indian Express. The broad contours of the single holding structure were laid out by a panel of experts on reforms in CPSEs set up by the Planning Commission. “We will set specific timelines for the process that needs to be followed in implementing the recommendations of the panel,” Maira said.
The expert panel included senior government officials such as the Secretary in the Department of PSEs, the nodal department for all PSEs, the Deputy Comptroller and Auditor General and Industries Division Advisor in the Planning Commission, besides chairpersons of at least three maharatnas. Inputs from the report, submitted by the panel recently, will be part of the manufacturing sector strategy of the Twelfth Five Year Plan (2012-17) that is in the works now.
According to the panel’s recommendations, the chairman of the holding company will be appointed by the Prime Minister. It will have a 12-member board, with six members from outside the government. “It would obtain dividends from the units it owned or through divestitures of its stake. It would also undertake investments in some units on the basis of the strategic intent of the government,” said the panel’s report.
The CPSEs whose stakes are held by the holding company will be kept outside the purview of any ministry. They will also not report to the chairman of the holding company. The holding company would only manage the government’s stake in the different PSEs and provide a year-end report on the financial performance of each of the invested entities. “Its (the holding company’s) performance could be monitored by an Empowered Group of Ministers,” the report said.
Members please post in your comments here..
|NCOA takes initiate in National work shop at Delhi with Trade unions in Dec 2013 (by Baby Thomas)
Since 1991 there has been adhocism in economic policies based on deci...
|Minutes of NEC held at Bangalore on 22 Aug 2013. (by Baby Thomas)
NEC registered an attendance of 35. Delegates from all Zones except We...
|MINUTES OF NGC HELD AT GOA ON 18 MAY 2013 (by Baby Thomas)
The National General Council (NGC) of the National Confederation...
|Minutes of NEC held at Bangalore on 04.11.2012 (by Baby Thomas)
NEC registered an attendance of thirty delegates. In his presidenti...
|BEST PSU DIRECTOR OF THE YEAR (by Baby Thomas)
Based on 35 nominations from Maharatna and Navratna public sector uni...
|MEETING WITH DPE SECRETARY ON 05.03.2013 (by Baby Thomas)
We met the secretary DPE on 05.03.2013. The details are available in t...
| SHRI. ATUL SARAYA BEST PSU DIRECTOR OF THE YEAR (by Baby Thomas)
Based on 35 nominations received from Maharatna and Navratna public s...
|Minutes of NEC held at Palghat on 28 July 2012 (by Baby Thomas)
41 delegates attended this meeting which included 12 ladies. There ...
|Decisions of National Executive Council held at Bangalore (by Baby Thomas)
Dear Secretaries of unit OA’s, Zonal Secretaries and National office bearers, The National Executive Council held a...
|AUDITED ACCOUNTS FOR CALENDER YEAR 2012 (by Baby Thomas)
Dear all, Pl. find the audited accounts of NCOA for the calender year 2012 which was passed in the NGC at Goa on 18.0...
|FORMAT FOR ZONAL REPORTING - Find attachment (by Baby Thomas)
The format for zonal reporting is given as attachment. Zonal Secretaries, please download the same and report the given ...
|Company bill 2011 (by Baby Thomas)
The draft copy of Company Bill 2011...
|President Speaks (by Baby Thomas)
Dear friends, I am attaching a letter from Com Jogi Genl Secy Sanchar Nigam Executive Association to the JPC probing ...
|Revival of Hindustan Machine Tools Ltd (by Baby Thomas)
To Hon’ble Sri Vilasrao Deshmukh Minister for Heavy Industries & Public Enterprises Delhi Respected Sir, Sub: Rev...
|Developed for the National Confederation of Officers' Association.||Powered by : [ webprofessionalsindia.com ]|