This topic will also be very useful for the students of competitive examinations like Central Government Service Commission (SSC), Bank Staff Selection Board (IBPS), Railway Board Examinations (RRB), UPSC etc.
News: Public Sector Undertakings Allowed to Close Subsidiaries:
The Union Cabinet has approved additional powers to the Board of Directors of a Public Sector Undertaking to close down its branch or units or sell its shares.
As per the existing norms, the Board of Directors of Maharatna, Navratna and Miniratna PSUs are empowered to enter into financial joint ventures through equity investment in their respective companies and to merge or acquire subsidiaries. However, there is no necessary authority to divest or close subsidiaries.
Related News:
Earlier, the central government approved the New Policy for strategic disinvestment in public sector enterprises.
Public Sector: BBCL, Air India, IDBI Bank, Shipping Corporation of India, Container Corporation of India, Defense Sector Bharat Earth Movers Limited, Pawan Hans Company, Life Insurance Corporation IPO, Neelachal Ispat Nigam Limited (NINL) The central government approved the sale of shares and change in management control of companies.
Air India Sales: Earlier, the central government had sold the debt-ridden Air India. A subsidiary of Tata Sons, Dallas, has received Rs. 2700 crores received by the government. Also, Tata will assume Rs 15,300 crore of total debt (61 thousand crore) of Air India and AIXL.
Also Read: Are you writing competitive exams including TNPSC, IPBS? This message is for you
100% stake in Air India and its subsidiary AIXL and 50% stake in AISATS have been transferred to Tata.
LIC Shares Sale (LIC IPO): Sold 3.5% shares of Life Insurance Corporation of India to public. With this, the value of the current share issue is estimated to be approximately Rs 21 thousand crores of income.
From global to local news (Top Tamil News, Breaking News), Latest Tamil News, all can be found instantly on News18 Tamil (News18Tamil.com) website.
News18 Tamil Nadu TV can be found on ARASU CABLE – 50, TCCL – 57, SCV – 28, VK Digital – 30, SUN DIRECT DTH: 71, TATA PLAY: 1562, D2H: 2977, AIRTEL: 782, DISH TV: 2977.