Post Tagged with: "Disinvestment"

Is your government consciously defrauding the policyholders of the LIC?

Is your government consciously defrauding the policyholders of the LIC?

 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…]

by 28/04/2022 Comments are Disabled India
LIC IPO- Gross Injustice To The Smaller LIC Policy Holders

LIC IPO- Gross Injustice To The Smaller LIC Policy Holders

  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…]

by 23/04/2022 Comments are Disabled India
LIC IPO- Gross Injustice To The Smaller LIC Policy Holders

LIC IPO- Gross Injustice To The Smaller LIC Policy Holders

  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…]

by 16/04/2022 Comments are Disabled India
Most disadvantaged policy holders to lose out in LIC IPO

Most disadvantaged policy holders to lose out in LIC IPO

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…]

by 11/04/2022 Comments are Disabled India
Welcome Kerala Legislative Assembly’s resolution opposing disinvestment of the LIC

Welcome Kerala Legislative Assembly’s resolution opposing disinvestment of the LIC

 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…]

by 17/03/2022 Comments are Disabled India
LIC IPO- Gross injustice to the smaller LIC policy holders, especially those belonging to the SCs/STs/OBCs

LIC IPO- Gross injustice to the smaller LIC policy holders, especially those belonging to the SCs/STs/OBCs

  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…]

by 06/03/2022 Comments are Disabled India
Far reaching national interest implications of privatising DISCOMs

Far reaching national interest implications of privatising DISCOMs

  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…]

by 23/02/2022 Comments are Disabled India
 The political economy of CPSE disinvestment: Has national wealth been put on a distress sale?

 The political economy of CPSE disinvestment: Has national wealth been put on a distress sale?

2021 Disinvestment Policy: The sweeping, ill-advised disinvestment policy announced by the NDA government in December, 2021 has put most of the national wealth on a distress sale. The few oligarchs who fund the political parties and issue diktats on policy are waiting with their war chests of funds ready to buy the Central Public Sector Enterprises (CPSEs)  for a song,[Read More…]

by 16/02/2022 Comments are Disabled India
Welcoming the opposition to Centre’s likely move to privatise Singareni Collieries

Welcoming the opposition to Centre’s likely move to privatise Singareni Collieries

To Shri K Chandrasekhar Rao Chief Minister Telangana Dear Shri Chandrasekhar Rao garu, I welcome your statement expressing Telangana government’s opposition to the Centre’s move to privatise Singareni Collieries. It has certainly set the tone for a wider coalition being formed among the States to protect federalism. The NDA government has gone berserk by adopting a sweeping policy to disinvest the[Read More…]

by 08/02/2022 Comments are Disabled India
Who stands to gain if LIC bleeds?

Who stands to gain if LIC bleeds?

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…]

by 07/02/2022 Comments are Disabled India
 Should the government disinvest BEML at all? Is it not imprudent?

 Should the government disinvest BEML at all? Is it not imprudent?

To   Shri Rajnath Singh Union Defence Minister Dear Shri Rajnath Singh, I understand that the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance has processed disinvestment of 26% of the equity of the BEML, a CPSE under the administrative control of the Ministry of Defence. From what I could gather from news reports, two private companies are[Read More…]

by 03/02/2022 Comments are Disabled India
CPSE disinvestment- Imprudent to ignore R&D effort in CPSEs at the cost of self-reliance

CPSE disinvestment- Imprudent to ignore R&D effort in CPSEs at the cost of self-reliance

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…]

by 01/02/2022 Comments are Disabled India
CPSE disinvestment- Valuation approach flawed, Imprudent to ignore R&D effort in CPSEs at the cost of self-reliance

CPSE disinvestment- Valuation approach flawed, Imprudent to ignore R&D effort in CPSEs at the cost of self-reliance

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…]

by 24/01/2022 Comments are Disabled India
Valuation of LIC- Need for transparency

Valuation of LIC- Need for transparency

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…]

by 15/01/2022 1 comment India
Privatisation of two PSUs counter to the Prime Minister’s Atmanirbhar effort

Privatisation of two PSUs counter to the Prime Minister’s Atmanirbhar effort

 Letter to Prime Minister Privatisation of Central Electronics Lt. (CEL) and Bharat Earth Movers Ltd (BEML) runs counter to the Prime Minister’s Atmanirbhar effort To Shri Narendra D Modi Prime Minister of India Dear Shri Modi, You have launched the Atma Nirbhar idea with the intention of building self-reliance in the different sectors of the economy. It is indeed a[Read More…]

by 01/12/2021 Comments are Disabled India
The Sale of CEL is not justifiable

The Sale of CEL is not justifiable

  To Smt Nirmala Sitharaman Union Finance Minister Dear Smt Sitharaman, I understand from news reports (https://www.livemint.com/companies/news/government-clears-sale-of-central-electronics-for-rs210-crore-11638195251682.html) that the PSU, Central Electronics Ltd (CEL) is about to be sold to a private financial intermediary company, Nandal Finance & Leasing Pvt ltd for an amount of Rs 210 Crores. By any stretch of logic, the manner in which CEL is being[Read More…]

by 30/11/2021 Comments are Disabled India