Suggestions of Tamilnadu CM Regarding Neyveli Lignite Disinvestment Referred to SEBI - Sriprakash Jaisawal

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HomeBrud.gifIndian LawBrud.gifIndian Legal NewsBrud.gif2013Brud.gifJuly 2013Brud.gifSuggestions of Tamilnadu CM Regarding Neyveli Lignite Disinvestment Referred to SEBI - Sriprakash Jaisawal

July 2, 2013

The suggestions of Chief Minister of Tamil Nadu regarding Neyveli Lignite Corporation (NLC) disinvestment are under examination of the Government of India. The matter has been referred to SEBI for examination whether such sale is permitted within the Securities Contracts (Regulation) Rules, 1957. This has been stated in a statement issued by Union Minister of Coal, Shri Sripraksh Jaisawal here today. The Minister’s statement is as follows:

“Regarding the issue of disinvestment of 5% paid up equity in Neyveli Lignite Corporation (NLC) out of Government of India’s share holding of 93.56%, different Trade Unions and Associations have given a notice for strike. The matter has been referred for conciliation to the Assistant Labour Commissioner (Central). The suggestion of Chief Minister of Tamil Nadu regarding divestment of shares of NLC through special arrangements to the Undertakings of Government of Tamil Nadu has been referred to SEBI for examination whether such sale is permitted within the Securities Contracts (Regulation) Rules, 1957. The office bearers and members of all the Trade Unions and Associations are requested not to resort to any strike as the suggestions of Chief Minister of Tamil Nadu are under examination of the Government of India.”


NCJ/RV

(Release ID :96976)