Category Archives: PSU

Oppose privatisation of IDBI Bank

02 Saturday Apr 2016

Posted by in Disinvestment, PSU

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The fully unjustified move of the central government to privatise the IDBI Bank has to be opposed and defeated. The employees of the Bank had gone on 4 days full strike from 28th March protesting against the move of the government. The plea of the government that there is NPA (bad loan) of more than Rs.19,000 crore is no justification for the same. It is only due to the political intervention and policy of the government that such NPA is happening as in other banks.

Privatisation of IDBI will be the first step in privatising the other PSU Banks. Oppose and defeat this game of the BJP Government, which is intended to help the private banks and corporates.

PSU Official commit suicide due to non-receipt of salary

29 Tuesday Mar 2016

Posted by in General, PSU

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It is reported in the press today that a Joint General Manager of Public Sector company, HMT, Kanwal Singh Nagi, committed suicide by leaping down from a 45 feet high water tank. It is also reported that he took the extreme step due to financial difficulties, since salary was not received for months. HMT is in loss for some years and the staff are not being paid salary.

Thousands of kisans have been committing suicide in the last few years, unable to repay debts. Now an employee in a PSU has committed suicide.

We express our deep grief and convey our condolences to the bereave family, friends and colleagues. The government should immediately act and give sufficient funds to all loss making PSUs for payment of salaries to the staff.

‘Save Public Sector’ Convention at Kanhangad

20 Sunday Mar 2016

Posted by in BSNL - Better Service to the Nation, BSNLEU, PSU

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A District level convention on ‘Save Public Sector – Save Nation’ was held at Town Hall Kanhangad on 20th March 2016 under the auspices of the ‘Save Public Sector Committee’. A large number of employees of the various state and central public sector along with their families were present. ” Veteran leader Com. A.K.Narayanan, Vice-President, CITU, presided. Com.Ravindran Kodakkad, Convener welcomed all.

Com.V.A.N.Namboodiri, Patron BSNLEU, inaugurated the Convention. He spoke about the formation of the PSUs, their growth and great contribution to the economy and security of the country and also the excellent services given to the people. He strongly criticised anti-people, anti-worker policies of the government and its support to the corporates. The trade unions should continue the struggles for saving and strengthening the PSUs.

Coms. K.P.Satheesh Chndran, Dist. Secretary CPI(M), Chandrasekharan, MLA, T.K.Rajan (CITU), K.Mohanan (BSNLEU), K.Harikrishnan (KSRTEA), V.Lakshmanan (KSEBWA),M.Rajagopalan, T.Narendran (BEFI), K.Bahuleyan (AIIEA), V.Ratnakaran (BHELEMLEU), K.Jayakumar and other comrades addressed.

The speakers spoke about both the anti-worker policies of the NPA and UDF government an called upon the workers to fight against these policies.

Rs. 2,400 crores spent by PSUs on Corporate Social Responsibility (CSR)

11 Friday Mar 2016

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116 Public Sector enterprises have spent a total of Rs.2,440 crores towards Corporate Social Responsibility programme during 2014-15. This was announced by Anant Geete, Heavy Enterprises and Public Enterprises Minister, in Parliament yesterday, 10th March 2016. This is a good amount spent towards many social activities beneficial to the people. While private companies somehow escape themselves from utilising CSR, Public sector is in the forefront. We congratulate the PSUs for this good effort.

BSNL Debt Rs. 7,666 crore, MTNL Debt Rs. 13,530 crore

10 Thursday Mar 2016

Posted by in BSNL News, PSU, Telecom

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The Communications Minister Ravi Shankar Prasad informed Lok Sabha today, 10th March 2016, that BSNL has a debt of Rs. 7,666 crore and for MTNL a debt of Rs. 13,530 crore. He also mentioned that these debts have arisen due to the purchase of spectrum. BSNL was compelled to pay Rs. 18,500 crore for spectrum, both BWA and 3G Spectrum and MTNL Rs. 11,097 for the same spectrum. BSNL has returned the BWA spectrum, but the amount of more than Rs.6,600 crore is yet to be paid back by government. For purchasing the spectrum the PSUs took the above loans.

What the government should do is to refund the charges for spectrum which has been returned already by BSNL  as also Rs. 1,250 crore from USOF which is pending payment for more than two years.

Private Airlines owe Rs.220.16 crore to AAI

10 Thursday Mar 2016

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The private airlines including Indigo and Jet owe Rs. 220.16 crore to the Airport Authority of India (AAI) who owns  and runs most of the Airports in the country. This was informed in the Lok Sabha today, 10th March 2016, by Civil Aviation Minister Mahesh Sharma.

This once again shows that the private companies and corporates are draining the revenues of the PSUs in many ways. The case of Mallya, the liquor baron and owner of King Fischer Airlines is well known to all. He took more than Rs.9,000 crore from the banks and have now slipped away to UK to avoid arrest and recovery of the loan.

The fact is that the government is also not taking stringent action against these corporate honchos. Otherwise how could Mallya escape to UK when look out notice is there against him?

And PSUs are criticised for bad loans, loss etc. All these should be exposed to the public.

EPF under attack by Government

07 Monday Mar 2016

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Employees Provident Fund is under attack.Government is trying to take away the  hard earned money of the employees put in the EPF. This year’s Budget has proposed  to tax 60% of the EPF at the time of withdrawal after retirement. The right to withdraw the EPF fully, if you leave the job at any time, is also taken away. The EPF can be fully withdrawn only after you reach 60 years. The government has also been compelling the EPFO to put the savings in private mutual funds etc. to help the corporate  on the plea of getting more dividend.

It seems that the government want to hand over the huge funds at the disposal of the EPF to the private corporates for their benefit. This will be disastrous. Strong protest should erupt from the workers and their organisations. Government should be compelled to withdraw the enethical move to tax the EPF money.

It is also necessary that similar tax imposed on the NPS should be withdrawn.

Air India to post profit by 2016-17

07 Monday Mar 2016

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There is hope for Air India for better future. As per the revenue estimate put up by the board and the increase in traffic, it is pointed out that the airline may be profitable by 2016-17. The PSU has posted an operational profit of Rs. 8 crore in 2015-16 and the loss has come down from Rs. 5,859 crore in 2014-15 to Rs. 2,636 in the current year.

It is learnt that large amount of airfare charges are to be paid by the government to the Air India during the last few years. The government should pay the same urgently to help the company.

Disinvestment of PSUs continue – Now it is NTPC

23 Tuesday Feb 2016

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The government has decided to further disinvest NTPC by 5%, with the idea of getting about Rs. 5,000 crores to reduce its deficit. 412.2 million shares are proposed to be sold at the rate of Rs. 122 per share. The share of the government in this prestigious and profitable PSU will be reduced from 74.96% to 69.96% after the sale.

The government has already sold shares of Oil India Limited, Container Corporation of India, NDMC, MMTC and ITDC in this fiscal garnering Rs.13,277 crore.

‘Disinvestment’ is a negative process and the word itself is negative. Hence the government and finance experts have started using another word for it, ‘Divestment’.   But whether the negativeness of disinvestment will go if the word is changed to divestment? NO!