Business EconomyPosted at: May 18 2022 2:35PM

Cabinet empowers CPSE boards to take call on stake sale, closing units

New Delhi, May 18 (UNI) Delegating more power and autonomy to the boards of central public sector enterprises (CPSEs), the Union Cabinet chaired by Prime Minister Narendra Modi has approved a proposal to empower Board of Directors of the holding or parent CPSEs to recommend and undertake the process for disinvestment or closure of any of their units.

The government in a statement said that the move intends to reform the functioning of CPSEs.

"This will result in expeditious decision making and saving of wasteful operational/financial expenditure by the PSEs," it said.

Presently, the Board of Directors of holding/parent PSEs have been delegated certain powers under the Maharatna, Navratna and Miniratna categories to make equity investment to establish financial joint ventures and wholly-owned subsidiaries and undertake mergers/acquisitions subject to certain ceilings of net-worth.

However, the boards do not have powers for disinvestment/closure of their subsidiaries/units/stake in JVs, except some limited powers given to Maharatna PSEs for minority stake disinvestment of shareholding in their subsidiaries.

"Therefore, approval of the Cabinet/CCEA (Cabinet Committee on Economic Affairs) was needed by holding/parent CPSEs, for disinvestment (both strategic disinvestment and minority stake sale)/closure of their subsidiaries/units or sale of their stakes in a JV, irrespective of the size of operations/capital deployed of such subsidiaries, etc," the statement said.

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Tags: #Cabinet empowers CPSE boards to take call on stake sale # closing units

TRAI recommends sharing of active, passive infra by telecom providers

24 Apr 2024 | 7:03 PM

New Delhi, April 24 (UNI) With a view to improve quality of services and reducing cost, the telecom regulator TRAI on Wednesday recommended sharing of active and passive infrastructure among telecom service providers, a move that would help setting up network quickly across the nation.

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