Category Archives: PSU

Rs. 34,000 crore written off by PSU Banks

03 Wednesday Dec 2014

Posted by in PSU

≈ Leave a comment

Tags

,

The Public Sector Banks, including SBI, have written off Rs. 34.409 crore of bad of NPA (bad loans)during financial year 2013-14. This includes one time settlements also. This comes to about 34.05 % of the Non-Performing Assets. In 2012-13, Rs. 27,231 crore were written off.

These bad loans are mainly loans given to the corporates and  big business and not returned. If common people take any loan and is not paid back, coercive measures are taken and the loan got returned. But, when it is the case with the corporates and big business, it is written off. No action is taken against them. Is this justice? One rule for the rich and powerful and another for the common people? This should be exposed.

The Indian Banks Association is denying the demands of the Bank Employees’ Unions for wage revision with adequate fixation stating that there is no money. But they can simply write off Rs. 34,000 crores and similar amount every year, closing the loans of the rich and powerful without getting it back?

Air India – Indian Airlines Merger

02 Tuesday Dec 2014

Posted by in PSU, TU News - India

≈ Leave a comment

Tags

,

The staff and HR issues connected with merger of Air India and Indian Airlines are still pending. Many strikes were organised both by the employees of AI and IA, whose promotional and other HR issues were affected. A court case is also pending in the Supreme Court.

These are a batch of cross appeals both by the Air India management and buy the various employees’ unions. The Supreme Court on 1st December heard the case, but did not give any decision on the request of the unions for interim relief. The Court stated that ” There has to be a practical way out. Any order should not be harsh on your employer (Air India) also”. (Courtesy  : ET)

Bank Employees on Relay Strike from 2nd December to 5th December 2014

02 Tuesday Dec 2014

Posted by in PSU, TU News - India

≈ Leave a comment

Tags

The employees of the Public Sector Banks are on strike again. Since the Banks Management, Indian Banks Association, has not accepted the demand of the employees for  wage increase, the United Forum of Bank Unions(UFBU) has called for Relay Strike from 2nd December onward. The relay strike will be area  wise. The strike in Southern India will be on 2nd December, Northern India on 3rd, Eastern India on 4th and Western India on 5th December 2014.

We give full support and solidarity to the strike, which is fully justified.

Government Gifts Rs. 18,000 crore to Shell and Rs. 3,200 crore to Vodafone

27 Thursday Nov 2014

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

≈ Leave a comment

Tags

The soft corner of the NDA government for the corporates ad MNCs are now an open chapter. The government has now decided not to go on appeal against the decision of the Mumbai High Court cancelling the Income Tax demand of the government on Shell for Rs.18,000 crore and on Vodafone for Rs. 3,200 crore towards transfer pricing cases. The justification for not going on appeal is on the plea that it will give a wrong signal to the foreign investors and corporates.

Finance Minister Arun Jaitely’s statement is that  “Unsustainable demands won’t get you taxes”, meaning that the tax demand is not justified. He continued stating that ” They would have only earned us a bad name as an investment destination.” So, to get a good name from the foreign investors, the government is prepared to forego its valuable tax money.

It is not the due tax from Vodafone and Shell that will be lost. It is stated that  there are 20 more such tax cases and if all those cases are let of, the government will be losing lakhs of crores of rupees. These companies include IBM, Nokia, Cairn etc.

It is the same government which gifts lakhs of crores of rupees to the MNCs and corporates that refuses to honour its commitments to the telecom PSU, BSNL, to refund its spectrum charges, licence fee etc.

Hugh Bonanza to the corporates and no support to PSUs! This is the NDA/BJP Government! Of course it is Achha Din for the Big business and Bura Din for the people and their democratic institutions!

Air India – Only 9 daily flights out of 370 profitable

25 Tuesday Nov 2014

Posted by in Neo-liberal policy, News, PSU

≈ Leave a comment

Tags

, ,

The Minister Civil Aviation told the Parliament today that only 9 flights out 370 flights daily of Air India, are profitable. All other flights are causing loss.

The minister also stated that Air India is posting loss for the last three years. The loss in 2011-12 was Rs. 7559.7 crore, in 2012-13 Rs. 5490.2 crore and in 2013-14 Rs. 5388.8 crore. the Minister also told that as on 31 October, Air India has a total loan of Rs. 52237 crores out of which Rs. 23,358 crore is aircraft loan and Rs. 28,879 crore working capital loan.

Both the Congress and BJP will be very happy. Both the UPA and NDA governments together have been able to make the profitable Air India to a loss making PSU. The Air India –  Indian Airlines Merger with out any sustainable plan, purchasing of large number of planes without any requirement, handing over routes to foreign companies, handing over profitable domestic routes to private airlines , scheduling AI flights immediately after the schedule of private air lines, high rent charges to the private airports, mismanagement and of course the policy decisions against PSUs – all these have pushed the Air India in to big loss. The government might have already started thinking about closing or privatising the Air India as is its policy. This has to be defeated and the Air India saved.

 

Rajya Sabha Extends Two Weeks Time for Select Committee on Insurance Bill to submit Report

25 Tuesday Nov 2014

Posted by in General, PSU

≈ Leave a comment

Tags

,

In Rajya Sabha today, the Select Committee on amending the Insurance Act to raise foreign investment cap to 49 per cent was given two more weeks till December 12 to submit its report.  The Select Committee headed by BJP’s Chandan Mitra was to submit the report by November 28.

There is sharp difference in the Select Committee as also among the political parties on the Amendment to the Insurance Act Bill, which is sent to the Select Committee. The procedural flaws in extending the time was also questioned by the opposition parties.

 

The TRAI, Telecom Companies pressure for release of more spectrum for auction

25 Tuesday Nov 2014

Posted by in BSNL News, PSU, Telecom

≈ Leave a comment

Tags

The TRAI Chairman, the private telecom companies, the business community – all are putting much pressure on the government to release more spectrum of all bands  for the next auction. Their argument is that if more spectrum is not there, there will be stiff competition and the price will go up, resulting in increase of telecom services.  They are also putting pressure for getting the spectrum released from the government departments like defence and also BSNL. They are pointing to other countries, where more spectrum has been released for the private corporates.

All these arguments will seem logical. But India is different from developed countries. India is only a developing country, the regulatory process is at the initial stage and about 50 % of the people are below average income, say below poverty line. You can not compare this situation with the developed countries.

Further, once the valuable and limited spectrum are released and allotted to private companies, you will never be able to take it back, whether for defence purposes or for other government purposes. Security and national defence will be at risk. The private companies will bargain high.

Another reason is that the present auction will get much funds for the government. The corporate wants to get the spectrum cheap. But the customer will never get the benefit out of  this. Only their profits will increase.

The corporate wants the BSNL and MTNL to be disabled and weakened so that the private telecoms can increase the rates and finish the PSU telecom companies.

It is necessary that the Government do not fall in to the trap of the private telecom companies, willingly or unwillingly.

Opposition Parties Should oppose and defeat the Insurance Amendment Bill

25 Tuesday Nov 2014

Posted by in CTU, General, PSU, TU News - India

≈ Leave a comment

Tags

The NDA Government is going to present the Insurance Amendment Bill in the Rajya Sabha in this winter session, where the opposition parties are in majority and the government in a minority. The efforts of both UPA and NDA governments in the past were defeated by the then opposition parties.

Why so? it is not simply political, but has other wide ramifications. The Insurance Amendment Act will result in the emergence of the MNCs in a big way and will  weaken the Life Insurance Corporation of India, which is the shining example of the Central Public Sector. LIC was formed through corporatisation of the private companies which were cheating the public. The LIC has grown year after year and even the MNCs failed to compete with the same. The government guarantee for the LIC policies is another benefit to the people, who are assured of their policy benefits. The LIC always reached to help the government whenever it was in financial difficulties, either by purchasing the share of PSUs or giving more dividend or otherwise.

The Insurance amendment Bill is to kill the public sector insurance companies including the LIC. That is why even many among the BJP and Congress, which parties have supported the bill at some time or other, there are members who oppose the bill. Further, the massive campaign conducted by the Insurance Employees Unions, especially the All India Insurance Employees Association  (AIIEA) has exposed the real intentions of the government to kill the Insurance companies and favour the MNCs and big corporates.

It is time that all the opposition parties should unitedly oppose this anti-people and anti-national bill and defeat the same convincingly. The United strength of the Central Trade Unions and Independent  Federations of Workers require to continue the hectic campaign and make the people fully aware of the dangers of the anti-people bill.

A Single Regulator for Telecom, IT and Broadcasting.

25 Tuesday Nov 2014

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

≈ Leave a comment

Tags

, , ,

It is reported that the Central Government has finalised a Communications Bill, which will repeal the existing four acts, viz. Indian Telegraph Act 1885, Telecom Regulatory Act 1997, TV Act 1995 and IT Act 2000. A Regulator for all the three sector will also be appointed as per the bill. The new bill is being introduced since the space between all the three sectors are shrinking and it becomes difficult to have separate rules. The new regulator will be addressing the issues of all the three sectors including the spectrum management, which has become a very important concern of the government due its high revenue and stiff competition. (Courtesy:Business Line)

 

 

JAC Called for talks on strike issues by the BSNL Management.

24 Monday Nov 2014

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

≈ Leave a comment

Tags

, ,

The BSNL Management wanted to divide the Unions which have given Strike Notice for 27 November 2014, by inviting only the recognised unions, viz. BSNLEU and NFTE for talks.

But the strong stand taken by the BSNLEU and NFTE that they will not attend the talks if they alone are invited has achieved results. Now the BSNL Management has invited the JAC for talks on 25th November at 17.00 hours.

The BSNL Management, if it wants to avoid a confrontation, should discuss the issues with a positive attitude, settle the demands and avoid the strike. Will the BSNL management adopt a positive attitude ?