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…, https://countercurrents.org/2022/01/cpse-disinvestment-valuation-approa…) about the flawed approach to valuing the LIC for listing it in the stock markets and the injustice meted out
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...]
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...]
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...]
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 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...]
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-approa…) expressing my concern at the flawed valuation methodology adopted by the Department of Investment and Asset Management (DIPAM) for valuing the CPSEs for disinvestment.
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…).
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...]
