Indian Government has filed a counter affidavit in the Public Interest Litigation filed in the Andhra Pradesh High Court against the privatization of Rashtriya Ispat Nigam Limited’s Vizag Steel Plant. The government submitted that the disinvestment is happening through privatization and the Cabinet Committee headed by the Prime Minister had taken a decision to this effect. The affidavit also mentioned that the legal inquiry into the decisions taken on the economic needs of the country is inappropriate. The government reminded that there are Supreme Court judgments on the issue of withdrawal of investment and added that the process is being looked into by experienced senior officials. The counter affidavit also says “Former CBI Joint Director Lakshminarayana who filed the case had contested in the recent parliamentary elections. It is obvious that he has filed the petition for political gain. The PIL should not be entertained.”Also, reiterating its determination of going ahead with privatization, the Indian government’s Department of Investment and Public Asset Management has extended the last date for appointment of merchant banker and legal advisors for the proposed disinvestment from 28 July 2021 to 17 August 2021.The privatisation of the Visakha Steel Plant and the issues surrounding the matter have become the talk of the town, with all political parties in the state of Andhra Pradesh against the privatisation of the steel plant, which provides employment to lakhs of people. Andhra Pradesh Chief Minister Mr YS Jagan Mohan Reddy even wrote a few letters to Prime Minister Mr Narendra Modi, requesting for the PM to withdraw the decision of privatising VSP. However, there has been no response from the PM yet. On the other hand, while the opposition parties are opposing the privatisation of the plant, their protests are not being heeded by the Central government. With the privatisation of the steel plant becoming a national issue, The Congress Party’s leader Mr Rahul Gandhi is said to be interested in visiting Visakhapatnam and meet with the employees union leaders of the plant very soon.The Cabinet Committee on Economic Affairs on January 27 gave its 'in-principle' approval for 100% disinvestment of government stake in Rashtriya Ispat Nigam Ltd, also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL’s stake in its subsidiaries/joint ventures through strategic disinvestment byway of privatisation.
Indian Government has filed a counter affidavit in the Public Interest Litigation filed in the Andhra Pradesh High Court against the privatization of Rashtriya Ispat Nigam Limited’s Vizag Steel Plant. The government submitted that the disinvestment is happening through privatization and the Cabinet Committee headed by the Prime Minister had taken a decision to this effect. The affidavit also mentioned that the legal inquiry into the decisions taken on the economic needs of the country is inappropriate. The government reminded that there are Supreme Court judgments on the issue of withdrawal of investment and added that the process is being looked into by experienced senior officials. The counter affidavit also says “Former CBI Joint Director Lakshminarayana who filed the case had contested in the recent parliamentary elections. It is obvious that he has filed the petition for political gain. The PIL should not be entertained.”Also, reiterating its determination of going ahead with privatization, the Indian government’s Department of Investment and Public Asset Management has extended the last date for appointment of merchant banker and legal advisors for the proposed disinvestment from 28 July 2021 to 17 August 2021.The privatisation of the Visakha Steel Plant and the issues surrounding the matter have become the talk of the town, with all political parties in the state of Andhra Pradesh against the privatisation of the steel plant, which provides employment to lakhs of people. Andhra Pradesh Chief Minister Mr YS Jagan Mohan Reddy even wrote a few letters to Prime Minister Mr Narendra Modi, requesting for the PM to withdraw the decision of privatising VSP. However, there has been no response from the PM yet. On the other hand, while the opposition parties are opposing the privatisation of the plant, their protests are not being heeded by the Central government. With the privatisation of the steel plant becoming a national issue, The Congress Party’s leader Mr Rahul Gandhi is said to be interested in visiting Visakhapatnam and meet with the employees union leaders of the plant very soon.The Cabinet Committee on Economic Affairs on January 27 gave its 'in-principle' approval for 100% disinvestment of government stake in Rashtriya Ispat Nigam Ltd, also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL’s stake in its subsidiaries/joint ventures through strategic disinvestment byway of privatisation.
