new Delhi : If the government's shareholding in public sector companies is less than 51 per cent, then the proposal to remove the PSU tag from them, if applicable, many Maharatna and Navratna companies including ONGC, IOC, GAIL and NTPC will soon become independent board operated companies, Which will be beyond the scope of the investigation of the CAG and the CVC. Government sources said that the finance minister can now approach the policy commission to prepare another list of PSU companies in this regard.
PSU requires 51 percent or more stake
There will be such PSU companies in which their share can be less than 51 per cent and it will also be told which of these can be stripped of the PSU tag and they can independently set up private companies operated by the Board. To remain a government-owned public sector undertaking (PSU), a company government (center or state or both governments) should have a stake of 51 per cent or more. It was proposed in the budget that the government can have direct and indirect stake in 51 per cent stake.
Finance Secretary Subhash Chandra Garg said, "According to the definition of government company, the combined share of the central and state government should be 51 percent. If there is a decrease in it, then it is not a government company. Therefore, when this decision is taken, we will vigilantly decide whether the company company tag is necessary for that particular company. '
Companies of three categories will remain government companies
Although Garg did not tell it in detail, sources said that companies of three categories would be government companies. One in which the government and its institutions hold 51 percent or more. The other company in which the government's share is less than 51 percent but with the change in law, the company holds the PSU tag and third-class companies will be those, which will become private companies with 26 percent or 40 percent of the government's share of the board Will be powered by.
In the third category, many professionally run Maharatna and Navratna PSU companies will come. The intention of the government is to provide complete independence to these companies and keep them out of the scope of the investigation of the CVC and the CAG. At present, there are more than two dozen CPSEs in which the government's share is less than or equal to 60 per cent. These include Engineers India Limited (EIL-52), Indian Oil Corporation (IOC-52.18 per cent), Bharat Petroleum Corporation (BPCL-53.29 per cent), Gail India (52.64 per cent), Oil and Natural Gas Corporation (ONGC -64.25 per cent) and Others are included.