To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, This refers to my last letter dated 16-9-2022, and the previous correspondence, as well as the recent report (https://timesofindia.indiatimes.com/business/india-business/lic-plans-changes-to-revive-battered-stock-report/articleshow/95146851.cms), on the persistent, contrived attempts by your Ministry to shift LIC’s focus from safeguarding millions of its small policyholders to enriching a few limited number of affluent, speculative stock market investors, to[Read More…]

Letter to State Chief Ministers Respected Chief Minister, I have addressed you through a series of letters on the need for the States to form a “Federal Front” to persuade the Centre to respect the idea of cooperative federalism and ensure that the States’ autonomy as provided in the Constitution is fully safeguarded. My last letter on the subject may[Read More…]

Had DIPAM conducted due diligence on bidders’ background, it would have avoided causing embarrassment to the government in Pawan Hans disinvestment   To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Referring to disposal of scrap in different government departments, the Union Minister for Personnel, Shri Jitendra Singh had proudly announced on October, 25, 2022 that “Over Rs. 254[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I gather that the government has decided to scrap disinvestment of the Central Electronics Ltd (CEL), apparently on the ground that there were quasi-judicial proceedings pending against the bidder selected by DIPAM, a fact that  the bidder had not disclosed. Thus, the blame seems to have been placed entirely on the[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I have come across a report today (https://www.business-standard.com/article/finance/lic-exploring-all-options-on-dematerialisation-of-insurance-policies-122091500928_1.html) that the Insurance Regulatory Authority of India (IRDAI) has proposed to “dematerialise” all insurance policies, including life insurance policies. As a follow up measure, LIC seems to be considering to set up its own repository, in view of the large number of[Read More…]

  To Shri Anil Kumar Jha Union Tribal Affairs Secretary   Shri Alok Tandon Union Mines Secretary   Shri Amitabh Jain Chief Secretary Chhattisgarh   Dear S/Shri Jha, Tandon and Jain, I understand that NMDC’s steel plant near Nagarnar in Bastar district of Chattisgarh has been demerged from NMDC and the Centre is fast-tracking its privatisation. There are some important[Read More…]

  To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Over the last few months, I have addressed the government more than once, expressing my concern at the undue haste in which the government has resorted to privatising CPSEs and their valuable assets. For ready reference, some of those letters may be accessed at the following web-links. https://countercurrents.org/2022/03/lic-ipo-gross-injustice-to-the-smaller-lic-policy-holders-especially-those-belonging-to-the-scs-sts-obcs/ https://www.moneylife.in/article/lic-ipo-gross-underestimated-valuation-put-it-on-hold-says-eas-sarma/66146.html https://countercurrents.org/2022/01/cpse-disinvestment-valuation-approach-flawed/ https://countercurrents.org/2022/07/privatisation-of-psu-banks-legal-and-other-implications/[Read More…]

“We must have full control over our electricity production and performance”, said the French Prime Minister recently, when she informed the Parliament of the government’s decision to increase its equity share from the present 83.76% to 100% in the EDF company, France’s premier nuclear electricity utility and one of the largest producers of nuclear electricity in the world. France has[Read More…]

 To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, In your Budget speech last year, you had mentioned that the government would privatise a few PSU banks in due course. There are reports on statements originating from your Ministry that the government would introduce a Bill during the coming monsoon session for enabling it to privatise PSU banks in[Read More…]

 To Smt Nirmala Sitharaman Union Finance Minister   Dear Smt Sitharaman, Your Ministry seems to be rushing into monetisation of assets of the CPSEs without adequate due diligence on the comparative costs and benefits. For example, I have come across a news report (https://www.livemint.com/industry/infrastructure/govt-asks-oil-psus-to-come-up-with-monetization-plan-11655236473972.html) that your ministry has been persuading the Ministry of Petroleum & Natural Gas (MPNG) to ensure[Read More…]

 To Shri Rajnath Singh Union Defence Minister   Dear Shri Rajnath Singh, Kindly refer to my earlier letter dated 3-2-2022 (https://countercurrents.org/2022/02/should-the-government-disinvest-beml-at-all-is-it-not-imprudent/) raising concerns against the proposed privatisation of Bharat Earth Movers Ltd. (BEML) which is a CPSE under the administrative oversight of your ministry and plays a crucial role in meeting the strategic requirements of the defence forces. I have extracted below[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I refer to my earlier letter of May 19, 2022 (http://eassarma.in/sites/default/files/public/Drop-privatisation-forthwith.pdf) calling upon your Ministry to drop all further disinvestment proposals, in view of the dubious outcomes of the sale of the CEL and Pawan Hans and the potential fraudulent aspects of the LIC IPO. Apparently, the Centre is in[Read More…]

 To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Please refer to my letters dated 6-3-2022, 11-4-2022, 16-4-2022 & 23-4-2022 addressed to you on the manner in which the proposed LIC IPO would do gross injustice to millions of its policyholders, largely belonging to the SCs/STs/OBCs.   In my letters cited, I have pointed out to you the five-fold[Read More…]

  To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Please refer to my letters dated 6-3-2022, 11-4-2022 & 16-4-2022 addressed to you on the manner in which the proposed LIC IPO would do gross injustice to its policyholders, largely belonging to the SCs/STs/OBCs (https://countercurrents.org/2022/03/lic-ipo-gross-injustice-to-the-smaller-lic-policy-holders-especially-those-belonging-to-the-scs-sts-obcs/ & https://countercurrents.org/2022/04/most-disadvantaged-policy-holders-to-lose-out-in-lic-ipo/ & https://countercurrents.org/2022/04/lic-ipo-gross-injustice-to-the-smaller-lic-policy-holders/) In my earlier correspondence, I had brought to your notice the following disturbing[Read More…]

  To   Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Please refer to my letters dated 6-3-2022  & 11-4-2022 addressed to you on the manner in which the proposed LIC IPO would do gross injustice to its policyholders, largely belonging to the SCs/STs/OBCs (https://countercurrents.org/2022/03/lic-ipo-gross-injustice-to-the-smaller-lic-policy-holders-especially-those-belonging-to-the-scs-sts-obcs/ & https://countercurrents.org/2022/04/most-disadvantaged-policy-holders-to-lose-out-in-lic-ipo/). In my correspondence, I had pointed out again and again how the IPO would[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Please refer to my letter dated 6-3-2022 addressed to you on the manner in which the proposed LIC IPO would do gross injustice to the policy holders of the LIC, largely belonging to the SCs/STs/OBCs (https://countercurrents.org/2022/03/lic-ipo-gross-injustice-to-the-smaller-lic-policy-holders-especially-those-belonging-to-the-scs-sts-obcs/) As apprehended by me in my letter, it appears that not more than 8[Read More…]

 To   Shri Pinarayi Vijayan Chief Minister Kerala Dear Shri Vijayan, I wish to compliment the Kerala Legislative Assembly for unanimously passing a resolution voicing concern over the Centre’s move to sell its equity in the LIC to stock market investors and urging the Centre to retain the institution as a wholly government-owned CPSE, considering that it has played a key[Read More…]

  To   Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, Earlier, I had written two letters to you (https://www.moneylife.in/article/lic-ipo-gross-underestimated-valuation-put-it-on-hold-says-eas-sarma/66146.html, https://countercurrents.org/2022/01/cpse-disinvestment-valuation-approach-flawed/) about the flawed approach to valuing the LIC for listing it in the stock markets and the injustice meted out to millions of small policy holders, with a view to grant undue benefits to a handful of speculative,[Read More…]

  To Shri A K Bhalla Union Home Secretary   Dear Shri Bhalla, The Ministry of Home Affairs (MHA) seems to be rushing into privatising the electricity distribution systems in the Union Territories (UTs). I understand that the proposal to privatise the Chandigarh DISCOM is at an advanced stage. So is the case with the DISCOMs in Dadra & Nagar Haveli,[Read More…]

In her last budget speech in 2021, the Finance Minister declared the government’s disinvestment plans for the Life Insurance Corporation of India (LIC). Already, amendments to the LIC Act have been made to set in motion the LIC IPO. This has triggered panic waves across the large sections of ordinary policy holders who are anxious about their life’s savings. It[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I write this in continuation of my earlier letter dated 24-1-2022 (https://countercurrents.org/2022/01/cpse-disinvestment-valuation-approach-flawed/) expressing my concern at the flawed valuation methodology adopted by  the Department of Investment and Asset Management (DIPAM) for valuing the CPSEs for disinvestment. It appears that your Ministry has not cared to revisit the methodology, as evident from the fact[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I refer to my letter dated January 15, 2022 on the imprudence of listing LIC in the stock market and the misleading valuation approach adopted by the government (https://www.moneylife.in/article/lic-ipo-gross-underestimated-valuation-put-it-on-hold-says-eas-sarma/66146.html). As the single largest social security provider in the country for the economically weaker sections, the social value of the LIC[Read More…]

To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I understand from news reports that the LIC IPO is going to be issued shortly. Keeping in view the fact that it is the millions of policy holders of the LIC who have contributed to the Corporation’s phenomenal growth over the decades, some of us feel that relegating their interests[Read More…]