ɽn, +V ɺiɴ V SS Ex V ɽ Vxi >{ɮ =` E Ex E ʴSɮ * b<xɴ]], x ɹ] E ɨ{ii Sx V * ʴ{I ɽ |lx Ex Sɽi + ɮ V iivɮ {I + ɽM =xɺ ɽ ʴxi Ex SɽM E V EU x V = E< EiMi +ɨxx +{ɨx x ɨZ* S]b BE=]] , <ʱB x < EU ʴɶ ɨZx E |ɪix E*

I am getting more and more confused when I get more and more details.

ɽ ` B V ix ʽ , <x ix x x ɹ E nx ɮEɮ x< , <x ix ɮEɮ x xɴ ɹ x ix E S * V BE-nںɮ {ɮ +Mֱ =`i , |lx E +Mֱ x =`B, EE +Mɮ BE +Mֱ =`>M, ɽ EO + ʴ{I E >{ɮ VBM i ix +Mʱɪ >{ɮ +BM* Vɤ ɨxxҪ <xpVi M{i V x SS E |ɮ E i x] E l, Ex = {ɮ Vn x ɱ xɽ * l |ɪɮVx nɺɨƶ V x i Uc E x V x Vɤ ʱWɨ ֯ E i ʡ xɨx V + ɴ V x E ]x ʱɪ* =ɨ xɽ V>M, EE +V Vxi >{ɮ =` E nx |lx Ex V E lc Mɽ< ʴSɮ E* B x VB, `

Hindustan is available for sale. Come and exploit us, whether you are an internal industrialist or an outside multinational.'

uɮ Vɮ

E] Vɮ xɴɴɹ E +Mɮ +Ec nJ i V x E E E ]E-]{{h xɽ Vx Sɽi , xxҪ <xpVi M{i V x Vɤ V{ ɮEɮ E >{ɮ =Mɱ =`< i n-ix ɱ j SE * = ɨɪ E +? b-<ƴ]] EҶx E V ʮEbx xxҪ ʨj |ɪɮVx nɺɨƶ V V {g l ɽ =xE Vɨx E ʮ{] l + =xE ɨlx +{E ɮEɮ E l* Ex ʡ =ɨ Vx xɽ Sɽi *

During 1991-95, they have collected Rs.9794 crore. Where has that money gone? They had created a consolidated fund, a separate disinvestment fund. Where has that money gone? It has gone to fill up the deficit.

ʡ +{ɺ |lx Ex Sɽi E +{ < Uc* V Ex V ɽ ɮEɮ E ʱB +ɶSɪ E SV * |lx Eɱ ɽ E +{ < SS E n >{ɮ =`ɪ* +{x V i +b] E ɮ E , +b] E i Sɽi + ɽ Sɽi E xxҪ +h V <E |ɮ E*

Let there be a separate audit.

x V {<] =`ɪ l + +M VE VɺE ʮS +M VE b-<ƴ]] EҶx x E* E{x ɽ E x Eɱ < b-<ƴ]] E {]Eڱɮ E{x JM V M, B]BxB, BBxB + +<{ҺB - ɽ E +, E +? Ex =ɨ V Eʨɪ M, =E vɮx E ʱB < +b] E ={ɪM E {ɪM*

At the same time, that can help create accountability also.

<E ʱB < +] E E{x ɽi +SU * x Eɱ +b] ʱE ɽ V ʴSɮ J Mɪ E BE <] {{ɮ, {ʱɺ {{ɮ

Certainly it is a very important matter.

<E ʱB E< E] xɪEi * Eɱ nx E n ɪ x Vɪ ʱE ɽ ɽi BE{] ` =xE ɱɽ x SʽB* BE BE{] x VxEɮ n iɦ Z {i Sɱ* nx 5 S 1999 E BE =iiɮ n Mɪ* +Mɮ Eʨɪ xɽ iBM i j ɽn E E {i SɱM E Bbʨxɺ]x E Sɱ * ʴii j V {S S 1999 E b-<ƴ]] E ɮ BE |ɶx {U Mɪ E 1998-99 E +{E ]M] E ,

The reply was Rs.5000 crore.

Vɤ ʺɡ 26 nx E l =xx E E

He had collected only Rs.1200 crore.

Ex +M =iiɮ n Mɪ E E E ix Vɮ +` Ec Vɱn EE] E M*

+ 7 nɨɮ 1999 E V nںɮ =iiɮ +ɪ =ɨ =xx n

In 1998-99, we could complete our target of Rs.5000 crore; not only Rs.5000 crore, but also we had collected Rs.5371 crore.

Vɤ x =iiɮ {g l i x ʴii j E +ʦxnx E l* Ex Vɤ x ֨< <E SS E i Z {i Sɱ

It is a shocking surprise.

j ɽn ʴxi EM E +{ +V xɽ i E {ɹ] E E EE ƺ * < {ɮ ix V+ E M E ʴSɮ Ex E Vɰi *

I do not know; I am not sure; let the Minister and the Government confirm it.

ɽ 26 nx E E V b-<ƴ]] +

It was completely a window-dressing.

BE ɮEɮ E{x x nںɮ ɮEɮ E{x E ɮ S, nںɮ x iҺɮ E + iҺɮ ɮEɮ E{x x {ɽ E{x E ɮ ʱɪ* M x 1500 Ec E ɮ S* xxҪ ɨ x<E V = nx i ni i <ix Mɨ xɽ i* ` {ɪ =xx V bʺ]E E ɽ Jɱ 60 {ɪ M x V S +BxVҺ E S* ʡ +<+ x 10 |iɶi ɮ +BxVҺ E 1200 Ec {ɪ E S, ʡ +BxVҺ E 2600 Ec {ɪ E ɮ +<+ + M x {ɮSV E*

uɮ Vɮ

17.00 hrs.

Vɮ ɽ Eɱ Bx.b.B. MɴxǨ] E ɨɪ xɽ +* +{E MɴxǨ] E ɨɪ E i Ei Ex =ɨ xɽ Vx Sɽi * < {ɮ ʴSɮ Ex E +ɴɶEi * Vɤ b<xɴ]] EҶx |ɮ +, =E {ɽ E ʺli i Ei -

"The conventional view stated about two decades ago is in the context of British privatisation programme, that blue chip PSUs should not be sold to meet Budgetary deficits as this would amount to selling the family silver to pay the butler".

b<xɴ]] E n E {ʮʺli {n <? {U ix ɮEɮ x Vɱn bʡʺ] <xʺM Eɮ Ex E ʱB < V E* Z {i Bbʨxɺ]x E ɽ ʮ{< * +Mɮ < EE] EE

Consolidated fund

xɽ bɱ Vi i b] g Vi + 60-65 Ec {B nںɮ VMɽ {ʤE E] Mi ʨɱ E Mi

What are you selling? You are selling the blue chip companies. You are selling the VSNL and the MTNL. You are disposing of the GAIL and the IPCL.

B E Vi ? Eɱ ʺE x] VBM* n ɱ E n B ʺli {n VBM E Sx E ʱB EU xɽ SM + {Mɮ nx E ʱB ʺE <b]V VBM* B E {ʮʺli {n M? +V .B.Bx.B. E 49 {ɮ] Sɱ Mɪ + 51 {ɮ] E * E E{xɪ E ɮ ɽ ʺli *

What type of argument is this?

+{ Sɽ b<xɴ]] E SV E E Ex bʡʺ] <xʺM = V xɽ E*

The Government will have to borrow more. Sometimes, we have to demarcate.

E x E <x xx {cM* ʥ] |<]<Vx E =nɽh nJ VB*

Unlike the Margaret Thatcher's style of privatisation guided by the conviction that Government-controlled PSUs are less efficient, the policy followed in India was driven by the Central Government's need to mobilise the resources for bridging the Budgetary gap.

E <Mb V |<]<Vx E b ɽ xɽ ɪ V Ei?

You are disposing of the whole unit.

Z ɽ i ɨZ xɽ +i * +xE VMɽ < b{]Ǩ] x +M-+M ʮ{] n *

We will have a strategic partner. We will keep 26 or 30 per cent. We will transfer the management.

Z SɨS ɽ i ɨZ xɽ +i * +<.{..B. E ɨɱ Sɱ * =ɨ 59 {ɮ] MɴxǨ] E ʱbM *

You want to sell 26 per cent of the shares. You want to dispose of 33 or 34 per cent of the shares. 33-34

{ɮ] ɮ S nM, E{x ]ƺɡ E nM + n |<] E{xɪ + VBM*

Whether it is an Indian company or multi-national company.

E EM?

You will have a minor partner.

E{x E |ʡ] E E ɦ E BE{] EM* B 26 {ɮ] E E 豪 M?

You will get dividend.

+Mɮ =x bʴbb bEɮ xɽ E i

Let us have some discussion.

< {ɮ <xbl bEx Ex E +ɴɶEi * <ɨ ɦ E E]Ҥ] Ex SʽB*

E E{x E 15-20 {ɮ] 30 {ɮ] Sx E n E{x E xcb {ɮ] S n*

You decide which company it should be. Let the House decide it.

E{x E xcb {ɮ] Sx BE{]x EM* S{ S nM i ] ʤVx VBM* E MɴxǨ] ] SɱBM? < i {ɮ ʴSɮ Ex E +ɴɶEi *

+V {ʤE E] E E ʺli ?

The accumulated loss of PSUs has reached a staggering amount of Rs.42,500 crore at the end of 31st March, 1998.

E S{ E{x E ɮ <E ʱB S VBM? ɮEɮ E < ɮ Sx SʽB* b<xɴ]] E V |ʡ] +BM, =E +M b xɪ VB* <E ]<Vx E |Eɮ , < {ɮ ʴSɮ Ex E +ɴɶEi *

uɮ Vɮ

Ei Vɮ ɺiɴ ɽ b

reconstruction of some of the industries or starting new industries.

ɺiɴ b ɮx BE]xɱ b] E E Ex E ʱɪ ]<V Ex Sʽ <E ɪn <ix M E V <]] ɮbx , ɽ E i VɪM* <ʱɪ j ɽn |lx EM E +{x BE +SU b{]Ǩ] l ʱɪ *

IPCL

b<x]] E ɮ x V ɴɱ , =x +{E ɨx Jx Sɽi * E j V <xE =iiɮ nM?

IPCL

E ʱɪ Eix ʤ= Mɪ Mɪ? Eix <xɱ ֪? Sɮ ʤb +ɪ, BE x ʴnc E ʱɪ + E{x F] E E O{ x nںɮ E ʮVE] E n

Now, only two persons remain.

+{ Ei E Sɮ 3 Mɪ + =xɨ n x E] x ʱɪ, ʺbE] x ʱɪ, +{E l E ʨɱM?

Even that can be manipulated. Has it not happened so? I would like to request the hon. Minister IPCL

E ʱɪ Mɪ bg ɱ E ɴɽɮ + , =E Ƥv <Eɪɮ E* MɴxǨ] <xʶɪɱ <ƺ]]ֶx x Jn x { n* ʡ

It is being used against us only. IPCL

E ɮ ɴ {U ɽx nҴɱ {ɮ 58 60 {ɪ l, S iE 60 100 {ɪ E S J l* =E n +V ɮ E ɴ 130 135 {ɪ Mɪ * +{E ɽ VxE +ɶSɪ M E .].+<. x BE Ec {ɪ Vn E ɺ S*

I may be wrong.

ɽ 100 {ɪ E nɨ S 60 70 {ɪ E S S?

Who were the market brokers? Who had cornered these shares? It was three off-shore funds. They are holding 12.5 per cent of the IPCL shares. Do you know why?

ɽ xɨ EE

IPCL

b<x]] E EbҶx B E V ʤb BEɪɮ EM, MɴxǨ] E EM*

he will have to have a open public offer.

E =E 20 {ɮ] ɮ E] BEɪɮ Ex {cM =xx 12.4 {ɮ] + b E uɮ BEɪɮ E * <E iɱɤ ɽ E nںɮ E ʺɮ {ɮ M J EE E] +ɱ xɽ , ɽ Bɱ * nںɮ, 10-12 {ɮ] i = +{x ɮ ʡ n E E] EM*

Is it true?

.].+<. x x Mi ɹ BE Ec E ɮ

IPCL

E S, E ] {ɮ S? =xx Exɡ E E 1.4.1999 +V iE BE ɮ xɽ S , S 31 E {ɽ BE Ec 64 J E ɺ

IPCL

E S*

At what rate? For whom? Who took the decision?

< ɮ SS EM x]-64 E ɮ E n{E {ʮJ E] E ʮ{] < nx E ɨI J Vɪ*

Once again I request you

ɽ .].+<.-64 E E |Eɮ W i EE E E+ɱҶx MɴxǨ] W Ei i E E< |<] <b]Ūʱɺ] V Ei *

<ʱɪ Ex E E< B ɮ x Vɪ Vɺɺ < n E n x{ Vɪ*

The Disinvestment Commission has rejected an application from an industry which is going to create a monopoly.

E E] x ɽ ʮVEx ] n, E? ɽ ix SɽM E E |Eɮ

IPCL

E E] ʮMM i * + 10 nx {ɽ ֨< ]E BESV ɮ E ɴ 122 {<] >{ɮ Sg Mɪ EE <ExʨE ]< ɽ xV +ɪ l E

The Government has fixed up the floor price of IPCL at the rate of Rs.180 to Rs.200.

ɮEɮ 180-200 ɮ SM *

Due to this rigging and manipulation in the market

ɽ

IPCL

ɮ 131 {ɪ l, ɽ 144 {ɪ VE ʮMM E Eɮh 128 {ɪ {ɮ EW +*

Vɤ =E x] B] 豪 126 l + E< U& ɽx bɱ{ xɽ <* {U ɱ E V <xxɪɱ ʮWɱ] l

The net asset value was more than Rs.126. Now, you please enquire which Government institution sold it.

<ʱB <ix |lx Ex SɽM + ֮ |ɦ V E vx nx SɽM*

BE nںɮ =nɽh nx Sɽi * M E V < l, =E E] |< 145 l iɤ ֨< ]E BESxV E <xbE 4000 l + +V ֨< ]E BESxV E <xbE 5000 Ex M E E] 豪 ʺɡ 72 * <ɨ E< MɴxǨ] E ɴɱ xɽ * VxE Vɺ-Vɺ E{x <]] i , ɽ MɴxǨ] E E , ɽ E] x{ֱ] Ei *

They are using our own financial institutions against us.

<ʱB xxҪ j ɽn E EU + Zɴ nx SɽM E Vɤ b<xɴ]] E ɮ S i +M-+M |Eɮ Sx {cM* BE ]]VE * bWx x Sɮ-{S ɱ Mi i +SU ʤb xE Vi * <ʱB EE bWx x SʽB* Sx i S xɽ Sx i n E* .B.. E < + +ɪ +

The State Bank of India has become a lead manager.

ɽ MɴxǨ] E{] E{x * .B.. <ix {֮x E{x Ex =E E] 豪 E -- 542 {ɪ, + Eɱ Eƺɱ]x] xɨ E n Ec {ɪ E E{x EU ɽx {ɽ E] +< + =E E] |< 625 {ɪ * =E ɨx <xɡʺɺ 10000 {ɪ, iɨ 1834 {ɪ, {.B.+<. b] 1264 * <E ʱB |lx E ]<, |< + ]]V <xx {ɮ ʴSɮ EM i Z {ڮ ʴɶɺ E x V {.B.. + b<xɴ]] E |Oɨ xɪ =ɨ +SU iɮ Eɡֱ M* =E <] {{ɮ E {ʱɺ {{ɮ E V Ex E, Ex V n E ɽi{h SW , ɽ ɤ <E x E* BE V xɴɮix S, Ex l-l b bWx + V ʺE x] =xE b{W + Ex E |ɪix E* Z ʴɶɺ E +h V < ɤE +SU ʺ{ʮ] M + b<xɴ]] +hn BM* vxɴn*

SHRI BASU DEB ACHARIA (BANKURA): Mr. Chairman, Sir, when the first public sector undertaking of our country was inaugurated by the first Prime Minister of India, he said that he is not inaugurating an industry but he is inaugurating a temple of modern India. These temples of modern India are now being demolished and destroyed by this Government. Sir, the basic them of both the Industrial Policy Statement of 1948 and the Industrial Policy Statement of 1956 was the policy of self-reliance. This policy of self-reliance was given a goby in 1991 when the policy of liberalisation was adopted. We objected to that and opposed to it at that time also. But in 1991, when the new Industrial Policy was announced and adopted by the then Government what did the Government say in regard to disinvestment of the shares of public undertakings?

In order to raise resources and encourage wider public participation, a part of the Government shareholding in public sector would be offered to mutual fund, financial institutions, general public and workers. GAIL is a glaring example. The Government did not allow to sell the shares of the Gas Authority of India at Rs.127 per share. But after two years, what is the change in the situation? The Government reduced the price, sold the shares of the Gas Authority of India at Rs.80 per share! As a result of this, what is the loss to the exchequer? The loss is to the extent of Rs.600 crore. By selling the shares of the Gas Authority of India how does the Government ensure a wider public participation?


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