CENTRAL PSUS

midhani-ngs-rao-appointed-as-director-finance

MIDHANI: NGS Rao appointed as Director, Finance

N Gowri Sankara Rao (GM, RINL)  was on Wednesday appointed to the post of Director (Finance), Mishra Dhatu Nigam Limited (MIDHANI), a Central PSU under the Department of Defence Production, till his superannuation on 31.05.2025.

15 Oct 2020
sitharaman-reviews-capex-of-23-cpses-to-boost-expenditure-in-the-economy

Sitharaman reviews CAPEX of 23 CPSEs to boost expenditure in the economy

With Rs 1,65,510 crore as CAPEX target for 2020-21 Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, on Tuesday, interacted (via VC) with Secretaries of Ministries of Petroleum & Natural Gas, Power, Coal, Mines, Atomic Energy and with the CMDs of 23 CPSEs under these Ministries. The meeting was part of the series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth.

In FY 2019-20, against the CAPEX target of Rs.1,64,822 crore for the 23 CPSEs, the achievement was Rs.1,66,029 crore i.e. 101%. Q1 (FY 2019-20) achievement was Rs.26,320 crore (16%) and achievement of Q1 (FY 2020-21) is Rs.20,202 crore (12%). CAPEX target for 2020-21 is Rs 1,65,510 crore.

While reviewing the performance of CPSEs, Sitharaman said that CPSEs have a very important role in giving a push to the growth of the Indian economy. She encouraged the CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time. She said that better performance of CPSEs can help the economy in a big way to recover from the impact of Covid 19.

Sitharaman asked the Secretaries to closely monitor the performance of CPSEs in order to ensure capital expenditure to the tune of 50% of capital outlay by Q2 2020-21 and make plan for it. She stated that unresolved issues should be flagged immediately to the DEA/DPE for an immediate solution.

The Ministries/ CPSEs discussed constraints being faced by them due to COVID 19 like problems of availability of manpower, delay in imports, delay in payments by DISCOMs on the dues of CPSEs like NPCIL and NLC. Sitharaman stated that extraordinary situation requires extraordinary efforts and with collective efforts, we will not only perform better but also help the Indian economy to achieve better results.

08 Jul 2020
midhani-ngs-rao-appointed-as-director-finance

MIDHANI: NGS Rao appointed as Director, Finance

By IndianMandarins 15 Oct 2020

N Gowri Sankara Rao (GM, RINL)  was on Wednesday appointed to the post of Director (Finance), Mishra Dhatu Nigam Limited (MIDHANI), a Central PSU under the Department of Defence Production, till his superannuation on 31.05.2025.

sitharaman-reviews-capex-of-23-cpses-to-boost-expenditure-in-the-economy

Sitharaman reviews CAPEX of 23 CPSEs to boost expenditure in the economy

By IndianMandarins 08 Jul 2020

With Rs 1,65,510 crore as CAPEX target for 2020-21 Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman, on Tuesday, interacted (via VC) with Secretaries of Ministries of Petroleum & Natural Gas, Power, Coal, Mines, Atomic Energy and with the CMDs of 23 CPSEs under these Ministries. The meeting was part of the series of meetings that the Finance Minister is having with various stakeholders to accelerate the economic growth.

In FY 2019-20, against the CAPEX target of Rs.1,64,822 crore for the 23 CPSEs, the achievement was Rs.1,66,029 crore i.e. 101%. Q1 (FY 2019-20) achievement was Rs.26,320 crore (16%) and achievement of Q1 (FY 2020-21) is Rs.20,202 crore (12%). CAPEX target for 2020-21 is Rs 1,65,510 crore.

While reviewing the performance of CPSEs, Sitharaman said that CPSEs have a very important role in giving a push to the growth of the Indian economy. She encouraged the CPSEs to perform better to achieve targets and to ensure that the capital outlay provided to them for the year 2020-21 is spent properly and within time. She said that better performance of CPSEs can help the economy in a big way to recover from the impact of Covid 19.

Sitharaman asked the Secretaries to closely monitor the performance of CPSEs in order to ensure capital expenditure to the tune of 50% of capital outlay by Q2 2020-21 and make plan for it. She stated that unresolved issues should be flagged immediately to the DEA/DPE for an immediate solution.

The Ministries/ CPSEs discussed constraints being faced by them due to COVID 19 like problems of availability of manpower, delay in imports, delay in payments by DISCOMs on the dues of CPSEs like NPCIL and NLC. Sitharaman stated that extraordinary situation requires extraordinary efforts and with collective efforts, we will not only perform better but also help the Indian economy to achieve better results.

rec-ltd-organises-a-health-camp-for-its-employees

REC Ltd organises a health camp for its employees

By IndianMandarins 17 Jan 2020

New Delhi: Owning up its social responsibility, REC Ltd, a Navratna NBFC, organised a health camp for its employees on January 16, 2020 at its corporate office in New Delhi. The camp included eye-checkup and consultation, ENT consultation, audiometry test, gynae consultation, diet consultation, blood pressure and blood sugar tests.


The camp was organised in collaboration with Max Healthcare Super Speciality Hospital. The session is one of the several initiatives the organisation is taking for promoting safety, wellness, productivity and leadership amongst its women employees. It was attended by women employees in large numbers.

overseas-carriers-unlikely-to-be-allowed-over-49%-stake-in-air-india

Overseas carriers unlikely to be allowed over 49% stake in Air India

By IndianMandarins 16 Jan 2020

The government is trying hard to sell stakes of Air India but overseas carriers are unlikely to be able to bid for more than 49 per cent of the national career. They won’t also get full operational control as Union civil aviation ministry has rejected a proposal to relax the Substantial Ownership and Effective Control (SOEC) clause. The Centre wants to privatise the state-owned national carrier but it failed to sell stakes of Air India in 2018.

 

The new owner of Air India will offer a VR) to employees. As per the approved plan, Air India will be put on sale along with low-cost international subsidiary Air India Express as well as a 50 per cent stake in ground-handling company Air India Singapore Airport Terminal Services. Alliance Air and the ground handling and engineering subsidiaries will be sold separately.

pfc-parminder-chopra-selected-for-board-level-position

PFC: Parminder Chopra selected for Board-level position

By IndianMandarins 13 Dec 2019

The public-sector headhunter on Friday selected Parminder Chopra for the post of Director (Finance), Power Finance Corporation (PFC). Presently; he is working as Executive Director, Power Finance Corporation (PFC).

Subject to requisite clearances and ACC approval he may replace N B Gupta; the outgoing Director (Finance) retiring June next year.

cpses:-appointment-of-190-independent-directors-awaiting-acc-clearance

CPSEs: Appointment of 190 Independent Directors awaiting ACC clearance

By IndianMandarins 28 Nov 2019

If well-placed sources are to be believed the proposal for appointment of approx. 190 Independent Directors (IDs) on the Board of various Central PSUs are pending since April 2019. Amid huge number of pending vacancies IDs are being given extension for 3 months as ad hoc measures. Reportedly, the sanctioned strength of IDs on CPSEs’ Board is 680 of which one third of Independent Directors complete their tenure every year and thus create more than 200 vacancies on the Boards of various CPSEs every year.

It may be underlined that Independent Directors in relation to a company means a director other than a MDs, Full-time Director or a Nominee Director. They constitute such category of Directors who are expected to have impartial and objective judgment for the proper functioning of the company.

As per Section 149(6) of the Companies Act, 2013 at least 1/3rd of total number of Directors shall be ID’s in case of Public listed companies having a paid up share capital of  Rs100 crore or more; Or Public companies which have outstanding loans or borrowings or debentures or deposits exceeding Rs 200 crore.

air-india:-another-effort-to-sell-out-

Air India: Another effort to sell out

By IndianMandarins 02 Nov 2019

In an attempt to sell national carrier, the government of India has decided to ease norms of sale for Air India however it is still finding it difficult on almost half a dozen issues crucial for the airline's successful disinvestment.

A core group of secretaries pondered over pending issues and resolve them so that the bidding process for Air India could be started by November end. This will be the second effort by the Modi government to disinvest Air India. The government had failed to attract even a single buyer forcing it to abandon the sale process last year.

Holding Expression of Interest (EoI) has been one among them, first stage of bidding, is whether FDI norms have to be relaxed to allow foreign companies to take full control of the airline and extending national carrier status after change in ownership.

While raising FDI limit in domestic airlines beyond 49 per cent for foreign carriers would enthuse carriers like Qatar Airways and Singapore Airlines to participate in the bidding, national carrier status would give right of first refusal to the new owner in seat allocation on international routes.

Transfer of additional debt to the special purpose vehicle (SPV) and future use of brand name Air India are other issues. Around Rs 10,000 crore of additional debt, over and above Rs 29,464 crore decided earlier, is proposed to be moved to Air India Assets Holdings Ltd (AIAHL), the special purpose vehicle of Air India for transferring part of its debt and assets.

many-profit-making-psus-may-be-sold-out-soon

Many profit making PSUs may be sold out soon

By IndianMandarins 26 Sep 2019

This will be for the first time when government completely exits from profit-making Central PSUs. The plan is to bring down government equity to zero in these three companies in phased manner. Though it was indicated in the budget that equity in PSUs would be brought down to below 51 per cent.

Reportedly, the Centre is all set to move a cabinet note for sale of its stake in major PSUs that included BPCL, CONCOR and Shipping Corporation of India (SCI).

At present, the government holds 63.75% equity in SCI, 54.8% in CONCOR and 53.29% stake in BPCL.

The government increased its disinvestment target to over Rs 1 lakh crore for the current financial year in the last budget.

It is also proposing to sell its 75% stake in THDC to NTPC, while 100 percent of its stake in North Eastern Electric Power Corporation Limited (NEEPCO) to NHPC.

 

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