No buyback of shares of disinvested PSUs

JAMSHEDPUR: Ruling out buying back of already sold shares in PSUs, Disinvestment Minister Arun Shourie on Saturday asserted that the disinvestment policy was framed to ensure better use of national resources.
Though there has been lot of hue and cry no specific proposal for review has been forwarded as yet, Shourie, who was here to participate in a debate, told reporters.
The minister said the government has spent Rs 40,000 crore on 30 rehabilitation packages in the last 10 years but not a single company has been turned around.
Shourie said the government had floated equity worth hundreds of crores in the market but the public did not pick it up. Financial institutions were forced to purchase them but this did not bring any change as the money was used to fill up the deficit.
He admitted that corporate rivalry and lobbying adversely affected the disinvestment process.