இன்று கலைஞரின் கடிதம்: To Dr. Manmohan Singh ji, Hon’ble Prime Minister of India, New Delhi. Dear Prime Minister, Vanakkam. I would like to bring to your kind notice, the continuing total strike by about 25,000 employees of Neyveli Lignite Corporation, Tamil Nadu, opposing disinvestment of 5 per cent share of the Corporation by way of Public Issue. You may be aware that I have already sent a letter to Thirumathi Sonia Gandhiji, Chair-person, UPA, marking a copy to you, seeking urgent intervention to stop the sale of 5 percent shares to the public. I have also requested the Government of India to exempt Neyveli Lignite Corporation from SEBI recommendations/guidelines. In the meantime the Government of Tamil Nadu have come forward to purchase 5 per cent of shares of NLC. This suggestion comes in the wake of agitation by the employees of NLC and unanimous and stiff opposition by all the Political Parties and the general public of Tamil Nadu. The strong opinion of all the Trade Unions in the State is that the Government should not disinvest from profit-making Public Sector Undertakings. This has been the avowed policy of the D.M.K. Party. Whenever the question of disinvestment of NLC shares was raised in the past, the D.M.K. Party had vehemently opposed the move. Even during 2006, when the same issue came up, I wrote a letter seeking your personal intervention and the proposal was promptly stalled. Since the Government of Tamil Nadu has now come forward to purchase 5 per cent of shares of NLC, I request you that the Government of India may accept the proposal, and consider the said sale as “public purchase” and not as “institutional purchase”. At this juncture, I wish to quote Securities Contracts (Regulation) Rules 1957. “Rule 19 (7) states that the (SEBI) may, at its own discretion or on the recommendation of a recognized stock exchange, waive or relax the strict enforcement of any or all of the requirements with respect to listing prescribed by these rules” In the first place, exemption may be given to NLC under the above-said rule. This will be in keeping with the demand of all the Trade Unions, Political Parties and General Public. This will also be a lasting solution to the issue of disinvestment in regard to NLC. Or, if it is found that there is no other option, as a last resort, 5 per cent shares may be sold to Government of Tamil Nadu institutions, considering them not as “institutional purchase”, but as “ public issue”. In this context, let me quote Rule “2(d)” of the above-said rules. “2(d)” : Public means persons other than :- I) the promoter and promoter group. II) subsidiaries and associates of the company. Since, the institutions of the Government are neither promoters nor subsidiaries of NLC, they may be treated as public and NLC shares may be sold. If SEBI grants such exemptions, then the issue will be settled and the agitating employees can also be convinced to withdraw their strike. I request you to kindly consider my request favourably in the interest of both the employees and the institution and with a view to ensure industrial peace in a “Navaratna” Public Sector Undertaking and generation of power, which is very vital at this critical period of shortage and to honour the views publicly expressed by all the Political Parties, Trade Unions and General Public of Tamil Nadu. Thanking you, Yours sincerely, (M. Karunanidhi.)
Posted on: Fri, 12 Jul 2013 14:03:00 +0000
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