The Hindu : National : CITU criticises move to disinvest IOC shares

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CITU criticises move to disinvest IOC shares

Special Correspondent

NEW DELHI: The Centre of Indian Trade Union (CITU) has criticised the UPA government's reported move to disinvest 10 per cent of its shares in the Indian Oil Corporation Limited (IOC) and five per cent in the Oil and Natural Gas (ONGC) to collect Rs.20,440 crore from the public sector oil companies to manage its revenue deficit.

Referring to media reports in this regard, CITU secretary Dipankar Mukherjee, said the much repeated claim of the government that its financial burden for the so-called under recovery compensation to oil marketing companies, which was Rs.14,000 crore, looked hollow when it was making up the same, through sale of shares in Oil Public Sector Undertakings (PSU).

The Centre must put a halt to its game of deceit and deception to cover up its revenue mopping exercise at the cost of “aam admi” to boost what IOC Chairman called “investor sentiment”, and to desist from selling navratna and maharatna Oil PSUs to satisfy the private investors, eyeing for public sector OMCs.

The government must clarify whether its plan to sell its shares in IOC was a distress sale or a part of creeping privatisation , he said.

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