Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel
April 20, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Weather | Wedding | Women Partner Channels: Auctions | Auto | Bill Pay | IT Education | Jobs | Lifestyle | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report April 20, 2001 |
Feedback
|
|
|
Sebi move on Videocon, Sterlite, BPL may hit divestment planThe decision of the Securities and Exchange Board of India to debar BPL, Videocon and Sterlite Industries from raising any finances from the capital market is likely to cast a shadow on the ongoing divestment programme since all these firms are big-ticket players in privatisation of different public sector units put on the block. Sebi punished these firms for 'manipulating' their share prices with the help of Harshad Mehta, who was debarred from dealing in securities for life by the capital markets regulator on Thursday. According to industry and official sources, the government would find it hard to overlook Sebi's findings and hand over the management control of blue-chip PSUs to companies with a tainted background. Videocon is one of the two contestants left in the race for Indian Airlines, while the BPL Group has participated in the recently concluded expressions of interest for the divestment of Videsh Sanchar Nigam Ltd. The government is already facing fierce criticism for selling off Sources said that the problem for the divestment of Indian Airlines has been compounded, given the fact that the government was already thinking of reissuing bids in the aviation sector in case one of the bidders is rejected due to national security criteria. The Hindujas, who are key bidders for Air-India as well as Indian Airlines, are facing trial in the Bofors case. Sources said that the Sebi decision has changed the entire complexion of the divestment programme. The Balco deal had generated enough heat in and outside Parliament and the vexed issue is still unresolved. The government, sources said, would be forced to be more cautious. The target schedule for completion of these important sell-offs is bound to he pushed back, considering the present scenario, sources said. According to earlier estimates, the divestment of Air-India and Indian Airlines was to be completed by June-July, and that of VSNL a little later. UNI YOU MAY ALSO WANT TO SEE:
|
||||
