Centre tells HC it seeks 100 per cent disinvestment in RINL

Vijayawada: The Centre has made it clear that it would go for 100 per cent disinvestment of its shareholding in Rashtriya Ispat Nigam Ltd along with the latter’s stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatization.

This was stated in a counter affidavit the Centre filed in the AP High Court on Wednesday.

The Centre told the court that the cabinet committee on economic affairs had scored in-principle approval for 100 per cent disinvestment of the Center’s shareholding in RINL along with its stakes.

It said the CCEA took such a decision for larger public good, which included protecting the interests of the employees and other stakeholders through a disinvestment process.

The affidavit filed by Rajesh Kumar Singh, under-secretary, department of investment and public asset management under the Union ministry of finances, stated that the apprehension of the petitioner regarding employees and their future employability were imaginary and had no basis.

The under-secretary said the decision of CCEA was a well- considered plan after thorough deliberations. Though the petitioner disclosed that he was having no personal interest in filing the petition, he miserably failed to clarify as to how this disclosure was correct.

He submitted that the contentions of the petitioner relating to alleged violations of various articles of the Constitution were legally untenable and against established law. The present petition was motivated and filed in the guise of a public interest litigation only to gain or derive publicity mileage.

CBI former joint director V.V. Lakshminarayana had filed the petition challenging the Centre’s move to privatize RINL.