Category Archives: PSU

CITU Condemns Govt. move to disinvest strategic profitable PSUs

05 Friday Feb 2016

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Centre of Indian Trade Unions (CITU) has strongly condemned the move of the NDA government to disinvest the globally competitive engineering giant BHEL, the profitable oil PSUs like ONGC, HPCL, BPCL,  the Defence sector PSUs like BEML, HAL etc which are already shortlisted for the strategic sale. This is tantamount to putting the country on sale, reflecting the desperate economic condition in the country, despite the high sounding claims of the government.

The CITU called upon the workers to be ready for a serious struggle against disinvestment and strategic sale of the PSUs. It has called upon its unions to organise protest at each work place and also through sending fax/ emails to Union Finance Minister and the Prime Minister demanding ‘Stop disinvestment in PSUs; No to strategic sale’.

Supreme Court rejects further disinvestment of Hindustan Zinc Ltd.

20 Wednesday Jan 2016

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Supreme Court rejects further disinvestment of Hindustan Zinc Ltd.

In an important judgment, the Supreme Court has rejected the proposal of the government to dilute its 29% shares in Hindustan Zinc Limited stating that a Parliament decision is required in the matter since the corporation was formed by an act of Parliament.  The apex court also asked the government, why it is in a hurry to sell the government assets. When the advocate for Vedanta, the company which has the majority shares with it, pointed out that when they took over the company it was loss-making, but now it is profitable because of its present management, the SC commented that why not the government also gets a part of the profit because of its shares. SC also asked the Advocate General “What is the hurry to hand over valuable assets worth lakhs of crores? Without permission of the court you can’t go for disinvestment”. As such the disinvestment of residual stake  of the company has been stopped for the present.

Govt. Squeezes Profitable PSUs

08 Friday Jan 2016

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The central government has decided to ask the profitable PSUs to pay more dividends this year. It has told these PSUs to pay 30% dividend, instead of the usual 20%.

Whether UPA or NDA government, both of them want to squeeze the PSUs and make them loss making. But they will never help the PSUs in distress or loss.

The central government is the killer of the PSUs. It is only interested in the growth of the MNCs and private companies. Of course, it’s motto is “Business is not the business of the Government.” Expose this anti-people policy of the government.

United Forum of MTNL Unions/Associations organise rally

08 Friday Jan 2016

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Thousands of MTNL employees joined the demonstration programme at the MTNL C.O. premises in Eastern Court protesting against the delay in settling 78.2% IDA fixation, option for pro-rata pension, implementation of CGHS service etc. Com. Mange Ram Sharma, Chairman of the United Forum of MTNL Unions/Associations presided and Com. M.K.Bagchi, Convener welcomed all. The leaders of the Unions and Associations addressed.

Com. V.A.N.Namboodiri, former Convener of the BSNL/MTNL Joint Forum of Unions/Associations addressed the rally, spoke about the united action of the workers  and supported the struggle. He reminded about the workers about the united struggles organised by the United Forum earlier, including the Parliament March and strike. He fully supported the struggle of the MTNL workers. He also spoke about the need to improve the services.

Government orders Closure of HMT units

08 Friday Jan 2016

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The Government issued orders for closure of three units of HMT viz. HMT Watches Ltd. (HMTW), HMT Chinar Watches Ltd. (HMTCW) and HMT Bearings Ltd. (HMTB). These companies have been running on loss for some time. Thousands of workers will either be given VRS or retrenched.

These were all running on profit for a very long time. Only due to the anti-PSU policy of the government, they have become loss making. Now the workers are losing the jobs and the companies are being closed. This anti-PSU policy of the government has to be resisted and defeated.

Railway Development Authority – A preliminary for Railway Privatisation

06 Wednesday Jan 2016

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The move of the Government and the Railway Ministry to form a Railway Development Authority (RDA) is the next step for privatisation of the Railways. According to reports in Business Line, the government has prepared a concept paper on the matter and has invited stake holders’ comments.

Another report says that the Government is proposing to hand over 400 Railway Stations to private for modernisation as has been done in the case of Airports earlier. This is stated by Finance Minister Arun jaitely. They will be allowed to utilise the lands of the Railways for constructing buildings etc.

It is to be remembered here that the formation of Telecom Regulatory Authority of India (TRAI) was done in connection with the privatisation of telecom sector. Now it is the Railways!

Save BALCO – Unions write to Prime Minister

31 Thursday Dec 2015

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Bharat Aluminium Company was one of the first central PSUs to be privatised. It was handed over to the Vedanta Group in 2,000 as part of the privatisation policy of the government, despite strong protest and strike by the employees. Now Government is having 49% share, but the entire management is only with the Vedanta Group.

Within 15 years, BALCO, which was the pride of the nation has gone down and is in loss. Already thousands of workers have been retrenched. There are still about 1,000 workers, whos future is in peril. The management states that the company is in loss due to non-demand of aluminium products and reduction in international prices.

All the unions in the BALCO has now approached the Prime Minister to help the company so that the workers do not lose their jobs. A detailed petition has been submitted signed by BMS, INTUC, CITU, AITUC and HMS.

Privatisation is not the panacea for all the ills that the PSUs are facing.

Central govt. gets Rs. 35,000 Crore through Disinvestment of PSU Shares in 2015.

21 Monday Dec 2015

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The Modi government knows how to sell the family silver and get money. In 2015, through the sale of PSU shares, the government has got Rs. 35,000 crores, which is much more than Rs. 22,000 crore received in 2013 and Rs. 18,000 crore received in 2014.

The fact is that the valuable PSUs, which strengthened the economy of the country, are being slaughtered through sales of their shares. Gradually they will be handed over to the private players as was done in the case of Maruti-Suzuki.

Strong protest should come from the trade unions and common people against this killing of Public Sector.

Bank Unions ask Public Sector banks to give easy loans to Chennai flood affected

11 Friday Dec 2015

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All India Bank Employees union has demanded the Public Sector Banks to provide easy loans to the flood affected people to tide over the present crisis. It has written a letter to the Indian Banks Association to this effect. This will give some relief to the people.

Air India have reduced its losses

11 Friday Dec 2015

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Air India’s losses have come down more than 22% during the last 4 years. Civil Aviation Minister Ashok Gajapathi Raju told the Parliament on 10th December 2015 that operating loss has been reduced considerably. The total revenue has increased to Rs. 20,606.27 crore in 2014-15 from the earlier revenue of rs. 14,713.81 rore in 2011-22 having an increase of 40.1%. (Courtesy: Business Line)

This is a good information that Air India is coming up financially. BSNL, another PSU, has also started improving financially from the present losses.