The Tribune, Chandigarh, India

Friday, February 23, 2001,
Chandigarh, India

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Balco issue rocks Parliament
Tribune News Service

New Delhi, February 22
The government’s decision to disinvest its 51 per cent stake in the public sector undertaking (PSU) Balco came in for severe criticism today in both Houses of Parliament, with the Rajya Sabha being adjourned twice on the issue.

Determined Opposition members led by those from the Left parties stalled the proceedings in the Rajya Sabha, demanding a discussion in the House over the issue. They did not let the Leader of the House, Mr Jaswant Singh, to read the Prime Minister, Mr Atal Behari Vajpayee’s statement over the extension of ceasefire in Jammu and Kashmir, when he rose to do so twice.

As a result of the turmoil, Mr Suresh Pachauri, who was in the Chair, was forced to adjourn the House on both occasions, the second one being till 2 p.m.

Mr Pachauri, who initially adjourned the House for 15 minutes till 12.40 pm had no choice but to adjourn the House for the second time when it reassembled as the Opposition members were not ready to take their seats. After about 10 minutes of din in which some of the members even trooped into the well of the House, Mr Pachauri announced the adjournment till 2 p.m.

The issue was raised immediately after question hour with Congress member Kapil Sibal and Left members Jibon Roy and Dipankar Mukherjee on their feet demanding an assurance from the government that the sale be kept in abeyance till a discussion took place in Parliament to verify its transparency.

Unrelenting members were also joined by the ruling NDA ally TDP member C. Ramachandraiah who said the valuation of a virtual Navaratna Balco was made in just seven days and that the sale should not take place until the CAG went into the whole issue.

The Cabinet Committee on Disinvestment decided yesterday to sell the government’s 51 per cent stake even though the PSU had made Rs 110 crore profit in the last financial year saying the Sterlite’s was the highest bid. Earlier, the government had brought down its equity to 51 per cent by selling its stake to Rs 244 crore, making the total price of Balco Rs 800 crore.

As the members persisted with their demand, Mr Jaswant Singh said as some members had given a notice for a discussion on the subject, the Business Advisory Committee would take up the matter tomorrow. The government was not against a discussion and when time was allotted, the minister concerned would reply to the queries of the members.

Dissatisfied with the reply, slogan-shouting Left party members, joined by RJD members, rushed to the well of the House, thwarting the External Affairs Minister from making the statement on the ceasefire the Vice-Chairman, Mr Suresh Pachauri, first adjourned the House for 15 minutes and then till 2 p.m.

In the Lok Sabha, the Opposition accused the government of a sell-out. Mr Madhavrao Scindia (Cong) said the government had shown scant respect for the parliamentary conventions with members coming to know of the decision only through the media.

“This government seems to be over-enthusiastic in selling the PSUs after having initially said it will only disinvest loss-making units,” he said.

He was supported by the members from the Left parties who said the government’s decision to disinvest in Balco was dubious and it owed an explanation to the House.