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Inept, Corrupt or both?
by confuzzled dude Tue Apr 15, 2014 7:51 pm
“The privatisation of PSUs has thrown over 26,000 people out of jobs but has benefited his close associates who grabbed the units at throwaway prices and are now managing them as private limited companies.
The author, who was then in service, has opposed many times the overzealous approach of N Chandrababu Naidu towards privatization but the TDP leader went ahead with the World Bank agenda, Parak wrote in the book. He has privatized 54 PSUs bowing to the conditions of World Bank and distributed them among his coterie.
The author has also said the government has lost Rs 308 crores only in a single case of Nizam Sugars. Naidu has closed down many sugar and spinning mills in the cooperative sector and gave it to his corporate circle."
http://innlivenews.in/2014/04/15/our-stand-is-vindicated-ysrcp/#.U03DSvldWCk
-> A few excerpts from the book per a Telugu news channel. PC Parakh was the chairman of the committee that oversaw privatization efforts, he wanted to go for public auction based on committee's appraisal of Nizam Sugars. However, to their surprise, they got an offer from Goldstone exports Ltd., which had no experience in this industry, before they could advertise the auction. Committee was told by the cabinet to review the offer, which they did and did not recommended despite 6 separate meetings with Goldstone, where offer was bumped after each meeting. However, cabinet committee consisting of ministers made a decision to accept the offer against their recommendation. Parakh, personally met CBN and tried convincing him not extend the offer without tender, only to no avail.
The author, who was then in service, has opposed many times the overzealous approach of N Chandrababu Naidu towards privatization but the TDP leader went ahead with the World Bank agenda, Parak wrote in the book. He has privatized 54 PSUs bowing to the conditions of World Bank and distributed them among his coterie.
The author has also said the government has lost Rs 308 crores only in a single case of Nizam Sugars. Naidu has closed down many sugar and spinning mills in the cooperative sector and gave it to his corporate circle."
http://innlivenews.in/2014/04/15/our-stand-is-vindicated-ysrcp/#.U03DSvldWCk
-> A few excerpts from the book per a Telugu news channel. PC Parakh was the chairman of the committee that oversaw privatization efforts, he wanted to go for public auction based on committee's appraisal of Nizam Sugars. However, to their surprise, they got an offer from Goldstone exports Ltd., which had no experience in this industry, before they could advertise the auction. Committee was told by the cabinet to review the offer, which they did and did not recommended despite 6 separate meetings with Goldstone, where offer was bumped after each meeting. However, cabinet committee consisting of ministers made a decision to accept the offer against their recommendation. Parakh, personally met CBN and tried convincing him not extend the offer without tender, only to no avail.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
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