Category Archives: PSU

NPA of Banks – One Corporate House owes Rs. 1,22,000 crores !

29 Sunday Jun 2014

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It has always been known that almost all the major corporates have not returned thousands of crores of rupees they have taken as loan from the banks. These are treated as Non-Performing Assets (NPA) and written off later. The hard earned money of the people were being looted by these corporate houses.
Now, senior BJP leader and former Communications Minister Arun Shourie has stated that one Corporate House in India owned Rs. 1,22,000 crore and another Rs. 58,000 crore to the banks, which they have taken as loan! This will be true. In the same way, there will be thousands of corporate houses, which have been cheating the banks.
Why the government and the Bank Managements are sitting as silent spectator? They should act immediately and take necessary strong action to get back the amounts to the Banks, which are mainly the PSUs.

Communications Ministry prepares draft on BSNL-MTNL Merger

28 Saturday Jun 2014

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

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A report published on the merger of BSNL and MTNL is reproduced below.This deserves serious attention of the Forum of BSNL Unions and Associations and its affiliates:

“The communications ministry has prepared the draft for a note seeking the merger of ailing public sector telecom companies — Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL), sources in the department of telecommunications said. The draft has been sent to communications minister Ravi Shankar Prasad for his approval.

The draft was prepared in the light of weak finances in the two fallen monopolies, sources added. Unaudited financial results for the financial year 2013-2014 indicate that BSNL and MTNL are estimated to report a net loss of ` 7,084 crore and ` 1,908 crore, respectively.

Different groups have already been formed to study various aspects such as human resources, technological systems, financial and corporate integration between both firms. “A steering committee has also been constituted for the coordination of these groups,” a DoT source said.

The draft also mentions the operational level synergy between MTNL and BSNL. It suggests the creation of a separate company for the telecommunications infrastructure and has strongly suggested monetisation of the land assets possessed by both the public sector telecom companies.

“We have proposed hiving of mobile tower assets of BSNL into a separate company…a 100% subsidiary with outsourcing of operation and maintenance sales and marketing functions,” the source added.

Once the draft is examined by the communications minister, the proposal is likely to be forwarded to the law ministry, before being sent to the Cabinet for final approval.(Courtesy: Hindustan Times)

More disinvestment of PSUs in the pipeline

27 Friday Jun 2014

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The Modi Government has started it disinvestment spree. It is going to start disinvestment of shares of at least 8-9 PSUs in the near future. The proposal is to increase the sale of shares in the PSUs which are already disinvested up to 10%. This will be increased to 25%. Disinvestment of other PSUs also will be considered.

Universal Broadband Coverage delayed

27 Friday Jun 2014

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The project for providing broadband connectivity to one lakh Panchayats in the country through NOFN will not be fulfilled by 2014-15 as declared earlier. There has been much delay in implementing the project. Universal Service Obligation Fund (USOF), which is funding the project which is to be implemented by BSNL, Railtel and Powergrid , has informed the Communications Minister that only 50,000 Panchayats can be covered during the period as most of the cable-laying , trenching and ducting work is incomplete.

This raises important questions. Whether it is the BSNL etc. which is delaying the matter or whether there is delay in sanctioning the funds by USOF or whether there are problems in the tenders, or whether there is no co-ordination between BSNL, Railtel and Powergrid etc. But one thing is clear. Neither the DOT, USOF, BSNL or others connected with the project have not taken the matter seriously. There may be some delay but the fact that only 50% can be completed during the period is completely unacceptable.

Navratna Status to NBCC

24 Tuesday Jun 2014

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The Department of Public Enterprises (DPE) has granted Navratna Status to National Buildings Construction Corporation Limited (NBCC) with effect from 23rd June 2014. The status has been granted on the basis of fulfilling the criteria required for the grant of Navratna.

The management and workers of NBCC deserves appreciation and Congratulations on achieving this status.

Forum will meet on 25th June on Revival of BSNL

24 Tuesday Jun 2014

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

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The Forum of BSNL Unions/Associations will be meeting tomorrow, 25th June, at the Local Council Room, NTR, Eastern Court, New Delhi at 04.00 PM to discuss about the Revival of BSNL. The Forum has already given a detailed letter to the Communications Minister Ravi Shankar Prasad on the Revival of BSNL and has requested for a meeting to present our views. So far the meeting has not taken place.
Communications Minister had already stated that action will be taken to revive BSNL and MTNL and had a meeting with the Management of both these PSUs. The details of the discussions are not available, but it is felt that some move is there in this connection.
The Forum wants a detailed discussion with the Minister at the earliest. The Forum meeting tomorrow will review all these developments.

SBI to recruit 7200 employees

18 Wednesday Jun 2014

Posted by in BSNL News, PSU, Telecom

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It is stated by the SBI Chairman that about 7200 employees will be recruited this financial year, considering the fact that about 8,100 employees are due to retire. Good news!

What about BSNL? About 10,000 to 15,000 are retiring every year. But almost no recruitment at all!

New Recruits are a must. Even in all private companies, whether telecom or banks, they have started recruitment in right earnest. But BSNL is still sleeping. It seems that the BSNL management is not worried about the efficiency and better service.

DO not increase FDI in Insurance Sector

01 Sunday Jun 2014

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Continuing the proposals for 100% FDI in Defence and Railways, the Modi Government is focussing attention for increasing the FDI in Insurance. At present FDI in Insurance sector in 26%. The proposal is to increase it to 49%.

A meeting was held between the Secretary, Department of Financial Service G.S.Sandhu with the private insurance companies, who demanded that the FDI be increased.

It is to be remembered that during the UPA-II government, the Parliamentary Standing Committee on Finance chaired by BJP Leader Yaswant Sinha had recommended that there is no case for increase of FDI in Insurance. The Unions in the insurance sector, Left Parties and others have strongly objected to the increase.

It is not easy to take the decision on the increase of FDI in Insurance Sector. The decision will have to be taken in the Parliament. While there is good majority in the Lok Sabha, the BJP/NDA is in minority in Rajya Sabha.

The move to increase FDI in insurance sector is unwarranted. It is intended to take over the Life Insurance Corporation of India and the PSUs in General Insurance by the Multi National Companies through the increased FDI. The MNCs and private corporates could no so far match the business and service of the LIC.

The proposal to increase the FDI in Insurance should be opposed and defeated.

CITU opposes moves for 100% FDI in Defence

31 Saturday May 2014

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CITU OPPOSES MOVE FOR
ALLOWING 100% FDI IN DEFENCE PRODUCTION
FOR DISINVESTMENT/PRIVATISATION OF PSUs

The Centre of Indian Trade Unions (CITU) strongly opposes Modi government’s move, as reported by the media, for allowing 100% FDI in defence sector. Such move is totally detrimental to the interests of the indigenous defence production network, mainly under government departments and PSUs, and also to national security-management and preparedness. Such move would also directly provoke disinvestment/privatization of the Defence PSUs and Ordinance factories establishment via corporatization route which could so long be successfully resisted by the united trade union movement in the country as well as all the defence sector federations including those having allegiance with the political party in power.

The CITU also expresses its deep concern and strong opposition to the overzealous drive of the government to push through disinvestment of shares in highly profit-making PSUs, mostly in the strategic, infrastructure and natural resources sector of the economy. As reported by the press, the Government has reportedly taken up as their priority agenda for off-loading government’s residual stakes at aluminum major BALCO and also expediting disinvestment in other blue-chip PSUs already shortlisted by the disinvestment department of the previous Government.

CITU urges the Government to take serious note of the unanimous opposition of the working people of the country, who actually creates GDP for the country as well as resources for the national exchequer to such disastrous exercises of disinvestment and privatization and unrestricted FDI. Such opposition has been voiced through numerous agitations by the united platform of the entire trade union movement in the country irrespective of affiliations and political allegiances during last five years.

CITU demands of the Government to restrain itself from such moves which are detrimental to the interests of the people as well as of the national economy; and calls upon the trade unions and working people to unitedly voice their opposition and put up resistance to such disastrous moves.

HAL receives the Best PSU Award

31 Saturday May 2014

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Hindustan Aeronautics Limited (HAL) was awarded the “Best PSU of the year award” by Bangalore Management Association (BMA).

HAL was honoured at its BMA’s 61st Anniversary Awards night held in Bangalore. Dr. A.K. Mishra, HAL’s Director (Finance) received the award from R V Deshpande, Karnataka Minister of Higher Education and Tourism.

Congratulations to HAL, its management and Workers!