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Our Bureau

New Delhi , Oct. 11

THE Congress-led UPA Government has informed the Supreme Court that it was reviewing the disinvestment policy pursued by the previous NDA regime.

A submission to this effect was made by the Attorney General, Mr Milon Banerjee, during the hearing of a petition on Monday challenging the disinvestment of Kolkata-based engineering PSU Jessop & Co, in which the NDA Government had moved an application seeking review of the apex court order halting privatisation of oil PSUs — HPCL and BPCL.

In September 2003, the apex court had asked the Centre to take approval of Parliament before selling stakes in companies nationalised through Acts of Parliament, including the oil firms HPCL and BPCL.

With Mr Banerjee seeking time for the formulation of a comprehensive policy on disinvestment, a Bench comprising Mr Justice N. Santosh Hegde and Mr Justice S.B. Sinha admitted the appeal filed by Jessop & Co Ltd Staff Association challenging the decision of the Board for Industrial and Financial Reconstruction (BIFR) allowing the disinvestment.

While referring the matter to a larger Bench, whose strength will be decided by the Chief Justice of India, the Bench also allowed the petition of the Centre seeking transfer to the apex court of all disinvestment related cases pending before various High Courts across the country.

These include a petition filed by Kshetriya Tamba Shramik Sangh challenging the Centre's decision to privatise Hindustan Zinc Ltd (HZL).

More Stories on : Disinvestment | Courts/Legal Issues

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