Government companies will not have to take approval from the government for disinvestment.
Union Cabinet Decisions: The Union Cabinet on May 18 approved a proposal to allow the Board of Directors of Public Sector Undertakings (PSUs) to recommend for disinvestment or closure in their subsidiary companies, units or joint ventures.
Union Cabinet Decisions: Prime Minister Narendra Modi (PM Narendra ModiA big decision has been taken on the disinvestment front in the cabinet meeting chaired by Mr. Now in-principle approval from the cabinet will not be necessary for disinvestment of government companies. central cabinet (Union Cabinet)) on May 18 approved a proposal to allow the Board of Directors of Public Sector Undertakings (PSUs) to recommend for disinvestment or closure in their subsidiary companies, units or joint ventures. Apart from this, the cabinet has approved changes in the National Policy on Biofuels for 2018. Whereas, ethanol (ethanolIt has been decided to increase the production of
Till now, while the board could make equity investments to set up financial JVs and wholly owned subsidiary companies and could do mergers and acquisitions subject to certain conditions. They had virtually no control over disinvestment and winding up of their subsidiaries, units or joint venture stakes.
#cabinet empowers, Board of Directors of Holding/ Parent Public Sector Enterprises to recommend & undertake process for Disinvestment/closure of their subsidiaries/units in JVs & additional delegation of powers to Alternative Mechanismhttps://t.co/HyPnmndvCo #CabinetDecisions
— PIB India (@PIB_India) May 18, 2022
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