Creation of the Special National Investment Fund
The Cabinet Committee on Economic Affairs on 2nd August, has approved creation of the Special National Investment Fund for the specific objective of meeting the minimum public shareholding of 10 percent requirement in the following six Central Public Sector Enterprises (CPSEs).
- 1. Andrew Yule & Company Ltd.
- Fertilizers & Chemicals (Travancore) Ltd.
- Hindustan Photo Films Manufacturing Co. Ltd.
- HMT Ltd.
- ITI Ltd.
- Scooters India Ltd.
The salient features of the Fund are:
- The number of shares that is required to make the six Companies compliant with the minimum public shareholding will be transferred to the Special National Investment Fund out of Government of India shareholding on irrevocable basis without any consideration.
- The Fund will be managed by independent professional Fund Managers.
- The Fund will sell the shares within a period of 5 years.
- The funds realized from the sale of shares would be used for social sector schemes of the Government.
- The modalities of the sale of shares in the Fund would be decided by the existing EGoM.
This post contains the Indian Business current affairs of August 2013. These are short Business current affairs 2013 notes for quick review.
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