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May 11, 2001
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Money > Business Headlines > Report May 11, 2001 |
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Sell-off process: PM holds meet on move to bar tainted firmsBS Economy Bureau Prime Minister Atal Bihari Vajpayee held a meeting Thursday with three key ministers to decide if any of the scam-tainted companies should be allowed in the divestment process. The meeting, attended by Home Minister LK Advani, Finance Minister Yashwant Sinha and Divestment Minister Arun Shourie, is also believed to have discussed what should constitute "moral turpitude" by a company that will debar it from fresh bids for participating in divestment. The divestment ministry is working out the list of crimes that will put a company out of reckoning from the government's divestment programme. The finance ministry has set a target of Rs 120 billion target for divestment this year and Vajpayee is apparently concerned that the government should not get involved in the sort of controversy that engulfed the Sterlite-Balco deal. While PMO officials termed the meeting as a "routine" one, Shourie apparently made a briefing on the divestment process so far in the meeting. When contacted, divestment minister Arun Shourie refused to comment on what happened in the meeting. However, he clarified that the government decision to allow domestic private players into defence production did not mean that it would be privatising the public sector units in that area. Powered by YOU MAY ALSO WANT TO READ:
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