No decision on selling shares in BALCO: FMPublished by MAC on 2006-05-22
No decision on selling shares in BALCO: FM
Press Trust India,
22nd May 2006
(New Delhi): Finance Minister P Chidambaram has said that no decision has been taken to sell 49 per cent residual shares of Government in aluminium major BALCO.
"No decision has been taken by the Committee of Secretaries or the Ministry of Mines. The Government knows and the Prime Minister knows (about developments). The final decision will have to be taken by CCEA," he said.
He said the Mines Ministry, after taking legal advice, took a decision that government shares in BALCO must be valued again after every successful valuer was disqualified.
A Committee of Secretaries was then set up to look into the matter, the Minister said.
He pointed out the decision on BALCO sell-off was taken by the then NDA Government as the agreement contained a provision for purchase of residual shares by the majority stakeholder Sterlite Industries. (PTI)