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Tuesday, September 22, 1998

Hand over PSU divestment to a trust, says GV Ramakrishna 

PRESS TRUST OF INDIA  
Disinvestment commission chairman GV Ramakrishna on Monday proposed handing over the task of disinvestment of leading public sector enterprises to a national shareholding trust for higher realisation and greater profitability of the scrips.

"I have mooted the idea of handing over the task of disinvestment of leading public sector enterprises to a trust for making faster money," Ramakrishna told newspersons on the sidelines of a national symposium -- `towards resurgent capital market'.

He said the government should, on an experimental basis, try out a new method wherein it transfers all existing shareholding to a national shareholding trust.

The trust members, he proposed, will include the chairman of a leading public sector bank, a chief of an insurance company, the finance secretary, the chief of the Disinvestment Commission and some eminent management experts.

"This system will help in the PSU shares gaining greater value through proper management and mechanism," he added.

The proposal has beensubmitted to finance minister Yashwant Sinha, he added.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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