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The Cabinet, on Thursday, gave its approval to sell shares held by those who had left for Pakistan during Partition and bill the proceeds to disinvestment gains.
An official statement said, “In-principle approval has been accorded for sale of enemy shares under the Custody of Ministry of Home Affairs/ Custodian of Enemy Property of India (CEPI), as per sub-section 1 of section 8A of the Enemy Property Act, 1968.”
Briefing reporters after the Cabinet meeting, Minister for Law and Justice and Electronics and Information Technology, Ravi Shankar Prasad, said, “There are 6,50,75,877 shares in 996 companies that will be sold. The earnings from these proceeds will go to disinvestment gains.”
An official statement said, “Of these 996 companies, 588 are functional/ active companies, 139 are listed with remaining being unlisted. The process for selling these shares is to be approved by the Alternative Mechanism (AM) under the Chairmanship of Finance Minister and comprising Minister of Road Transport and Highway and Home Minister.”
The AM will be supported by a High Level Committee (HLC) of officers co-chaired by the Secretary, DIPAM, and Secretary, MHA, ( and representatives from DEA, DLA, Ministry of Corporate Affairs and CEPI) that would give its recommendations with regard to quantum, price/price-band, principles/ mechanisms for sale of shares among others, the statement added.
According to the statement, these shares are currently held by 20,323 shareholders.
The Cabinet also gave an in-principle approval for leasing out the operations, maintenance and development of six airports —Ahmedabad, Jaipur, Lucknow, Guwahati, Thiruvananthapuram and Mangaluru — under the public private partnership model.
This will happen through a nod from the Public Private Partnership Appraisal Committee (PPPAC).
The Cabinet Committee on Economic Affairs gave an ‘in principle’ approval for strategic disinvestment of the Centre’s stake in Dredging Corporation of India Ltd (DCIL). The Government of India holds 73.44 per cent shares in the company. The Centre’s stake will be sold to Visakhapatnam Port Trust, Paradeep Port Trust, Jawaharlal Nehru Port Trust and Kandla Port Trust.
The Cabinet also approved the filling of Padur Strategic Petroleum Reserves (SPR) at Padur, Karnataka by overseas National Oil Companies (NOCs). The SPR facility at Padur is an underground rock cavern with a total capacity of 2.5 million tonnes (mt) having four compartments of 0.625 mt each. .
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