Unions to fight against disinvestment

DCI, BEML being privatised with ulterior motive, they say

February 20, 2018 01:06 am | Updated 01:06 am IST - VISAKHAPATNAM

Up in arms:  CPI (M) MP  Tapan Sen with CITU all-India secretary Swadesh Debroy at a public meeting   in Visakhapatnam on Monday.

Up in arms: CPI (M) MP Tapan Sen with CITU all-India secretary Swadesh Debroy at a public meeting in Visakhapatnam on Monday.

The All India Coordination Committee of Public Sector Trade Unions has called upon all trade unions barring BMS to resort to direct action at an appropriate time in protest against disinvestment and other anti-labour policies being pursued by the Central government led by Prime Minister Narenda Modi.

Steering panel meet

A decision to this effect was taken at the steering committee meeting of public sector trade unions held here on Monday. Among others, veteran trade unionist and MP Tapan Sen, CITU all India secretary Swadesh Debroy, CITU State president Ch. Narsinga Rao, coordination committee conveners Meenakshi Sundaram (Bengaluru) and S. Jyoteeswara Rao (Vizag) were present.

Mr. Debroy told reporters that PSUs like Dredging Corporation of India (DCI) and Bharat Earth Movers Limited (BEML), known for their impressive track-record, were being disinvested with an ulterior motive.

He said the Modi government was weakening CPSUs by draining out the cash reserves accumulated for about six decades to the tune of ₹7 lakh crore. CPSU’s accumulated these reserves after paying all the taxes, duties and dividends to the government.

As part of its disinvestment policy, the NDA Government had issued following directives: Pay 30% of dividend on profit after tax or 5% on net worth whichever is higher, buy back of shares, issue of bonus shares and splitting of shares.

Mr. Debroy said the Centre had also set its sight on the land available with the CPSUs to fulfil its political mileage under the alibi of affordable housing scheme. The government had already earmarked nearly 3,000 acres in prime areas for implementing the Pradhana Mantri Awas Yojana.

“Initially, the government has strarted looting the land of sick PSUs and now it has targeted the profit making CPSUs like DCI by showing lame excuses. These are nothing but loot of the liquid and fixed assets of CPSU,” he said and came down heavily on the decision to go ahead with the disinvestment of 10% equity in Rashstriya Ispat Nigam Limited.

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