BPCL divestment is a big deal, first such big ticket divestment since the Vajpayee government.
This announcement today has a nice back story. The government has used The Repealing and Amending Act 2016 which annulled 187 redundant laws to sell BPCL. (1/n)
This announcement today has a nice back story. The government has used The Repealing and Amending Act 2016 which annulled 187 redundant laws to sell BPCL. (1/n)
In 2003, the Vajpayee government was working on the oil PSU divestment. But the Supreme Court had struck down the efforts.
Reason? The Court wanted the Parliament to first undo the nationalization of HPCL and BPCL undertaken in 1970s. (2/n)
Reason? The Court wanted the Parliament to first undo the nationalization of HPCL and BPCL undertaken in 1970s. (2/n)
The 2016 act also repealed the laws from 1970s, which meant Parliament approval is no longer required for such divestment.
Of course the Modi government is not constrained by Parliamentary numbers now. But the 2003 HPCL divestment attempt had caused grief with Shiv Sena! (3/n)
Of course the Modi government is not constrained by Parliamentary numbers now. But the 2003 HPCL divestment attempt had caused grief with Shiv Sena! (3/n)
Full story on the botched 2003 privatization attempt of HPCL and BPCL and what has changed now. (n/n)
economictimes.indiatimes.com/industry/energ…
economictimes.indiatimes.com/industry/energ…
