Defaulters not barred from disinvestment process

NEW DELHI: Existing guidelines do not bar defaulters from participating in the disinvestment process, Rajya Sabha was informed on Monday.
"The Ministry''s existing guidelines for disqualification of bidders do not list default with respect to repayment obligations by itself as a reason for disqualification," Disinvestment Minister Arun Shourie said in a written reply.
Asked if IFCI has asked his ministry to disqualify prospective bidders on account of default in payment obligations, Shourie replied in the affirmative.
On disinvestment of government equity in Air India and Indian Airlines, Shourie said "the process .....was started by the government in June 1999. But all the bidders gradually withdrew. Thereafter, the process has not been re-started".
Shell: The Foreign Investment Promotion Board (FIPB) has rejected Shell India''s proposal seeking a clarification on 26 per cent divestment condition in favour of resident Indians, Minister of State for Commerce and Industry Raman Singh said.
"It was clarified to the company that being an entry level condition, the 26 per cent divestment clause will remain applicable," he said.
CCI: The lone public sector cement company, Cement Corporation of India, has been declared sick and the Board for Industrial and Financial Reconstruction has directed for "sale of CCI as a whole or its plants individually or collectively," Singh added. PTI SJB SK 12161359 D (reopens del 29)
Paradip: Department of Fertilisers is scrutinising the post-closure claim made by Zuari Maroc for Paradip Phosphates Ltd, Shourie said.
"Since the company (paradip Phosphates) continued to incur losses during March 31, 2001 to February 28, 2002, Zuari Maroc has filed the claim," he said, adding this was as per the share purchase agreement signed by the government and the acquirer.
Wakf: Minister of State for Social Justice & Empowerment S B Mookherjee said the Central Wakf Council, is likely to be constituted soon. The tenure of the present body expired in June this year and constituting it is "under active considertion of the government".
GoM: He said the report on Old Age Social and Income Security Committee has been referred to a Group of Ministers for consideration.
PSUs: Of the 49 public sector undertakings under the Department of Heavy Indutries, seven have been closed down while winding up orders have been issued for another two, Heavy Industries Minister Balasaheb Vikhe Patil said.