<b>XIII LOK SABHA DEBATES, <i> Session II (Winter Session) </i> </b>
XIII LOK SABHA DEBATES, Session II (Winter Session) Tuesday, November 30, 1999/Agrahayana 9, 1921 (Saka )

Title: Demand for an inquiry into the matter of selling of shares of the Gas Authority of India Limited at a very low price.

SHRI VARKALA RADHAKRISHNAN (CHIRAYINKIL): Sir, I take this opportunity to draw the attention of the Central Government to a matter concerning a huge loss being incurred by the Gas Authority of India. The Government has decided to sell 135 million shares at a very ridiculously low price of Rs.70 per share in foreign market. The net result will be, there will be a huge loss to the Government. This has been done under the policy of disinvestment. The Central Government has also taken a decision to sell the shares of the State Bank of India which will also result in a huge loss because it is quite certain that in the foreign market the shares of the Gas Authority are higher than Rs.70 per share.

Now the net result is that we are selling out the shares at a low price.

SHRI PRIYA RANJAN DASMUNSI (RAIGANJ): Sir, we demand a CBI inquiry in this matter. It is a very serious allegation. The Government is doing this in a clandestine manner for the last two months.

SHRI VARKALA RADHAKRISHNAN : Sir, this is a very serious matter. I would like to know who has decided this whether it is a Minister or somebody else in the Department. I fear and apprehend that there is a clandestine dealing. There must be a transparent inquiry into the matter. I demand that the matter should be inquired into by a competent authority... (Interruptions).

MR. DEPUTY-SPEAKER: Now Shri Uttamrao will speak.

... (Interruptions)

MR. DEPUTY-SPEAKER: Shri Varkala Radhakrishnan, you have already stated your case.

... (Interruptions)

SHRI VARKALA RADHAKRISHNAN : I am also referring to the former Minister of Finance, Shri P. Chidambaram. He had also fixed ridiculously low price... (Interruptions)

SHRI PRIYA RANJAN DASMUNSI : Sir, it is a very serious matter.

MR. DEPUTY-SPEAKER: Shri Priya Ranjan Dasmunsi, whatever is stated here concerns to one serious matter or the other.

... (Interruptions)

SHRI PRAMOD MAHAJAN : Sir, I strongly object to the sentence used by the hon. Member, the Chief Whip of the Congress Party. Sir, you are aware with the Parliamentary practice that during `Zero Hour' important issues are raised. No Minister is in a position to reply them instantly. The Government takes note of all the matters discussed in the Parliament. Saying that somebody is keeping quiet and attributing motives to this, is not fair.

SHRI PRIYA RANJAN DASMUNSI : I did not say, `somebody'. I said that the Government is keeping quiet. I repeat it again.

SHRI PRAMOD MAHAJAN: You said that the Minister is keeping quiet... (Interruptions)

MR. DEPUTY-SPEAKER: All the hon. Members must know that during `Zero Hour', matters relating to urgent public importance are raised and the Government takes note of it. It is not the time to make an elaborate statement and expect a reply from the Government.

... (Interruptions)

MR. DEPUTY-SPEAKER: Shri Radhakrishnan, nothing will go on record.