Search the Internet          Tips  Sites: Finance, Investment

Legal wrangles slowing down divestment process: Baijal

The divestment ministry has regretted the spate of litigations relating to privatisation, saying legal roadblocks are continuing despite the favourable Supreme Court judgement on Balco.

"We are facing three kinds of road blocks -- internal, external and legal, and these are delaying the divestments process.

"In the last two years we have been able to divest less than one per cent of government equity in PSUs and at this rate it will take us at least 200 years," divestment secretary Pradeep Baijal said on Saturday.

Addressing a Confederation of Indian Industry seminar in New Delhi on 'Legal reforms in infrastructure - the way ahead', he said the Chinese government aggressively pursued privatisation which led to laying off of 50 million workers but in India resistance came not only from the Opposition and the media but it was also felt within the government.

ALSO READ:
The Divestment Development
The Rediff Budget Special
Money
Business News