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Saturday, November 6, 1999
FIs free to decide on stake sale -- FM
EXPRESS NEWS SERVICE
CALCUTTA, NOV 5: Finance minister Yashwant Sinha today declined to take sides in the controversy over the decision of the financial institutions to sell their stakes in private sector companies. At a seminar organised here by the Federation of Indian Chambers of Commerce and Industry, CESC Ltd vice-chairman Sanjeev Goenka urged the minister to stop the FIs from taking unilateral decisions. Although Goenka did not name any company, he was obviously referring to the case of Modi Rubber Ltd, in which the FIs had decided to sell their combined stake of 44 per cent to the highest bidder.In a guarded statement, the finance minister said his office does not interfere in the activities of the FIs. "Would you like the government to intervene in the commercial decision of the financial institutions?" he asked. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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