AG gives opinion on disinvestment of oil PSUs

NEW DELHI: Attorney General Soli Sorabjee on Monday gave his opinion to the government on disinvestment of oil PSUs HPCL and BPCL.
According to Disinvestment Ministry sources, it was "a well considered, careful and guarded opinion."
The Cabinet Committee on Disinvestment on December 27, 2002 had deferred a discussion and decision on various issues relating to privatisation of HPCL and BPCL as it had not got the opinion from the AG on privatisation of companies acquired and nationalised by Acts of Parliament.
Disinvestment Minister Arun Shourie had met Sorabjee earlier this month and subsequently Disinvestment Secretary Pradeep Baijal had also met the AG to furnish details relating to the two companies.
Following queries from Opposition members on the legality of privatisation of the two oil PSUs without the government seeking amendment or repeal of the concerned Acts, Shourie had promised to get the AG''s opinion before going ahead with equity sale in HPCL to a strategic partner and public offer of shares in BPCL.