The Government has decided to review the entire disinvestment process in the light of the recent Supreme Court judgement on the privatisation of the two oil PSUs HPCL and BPCL. Disinvestment Minister Arun Shourie held meetings with both Law Minister Arun Jaitley and Finance Minister Jaswant Singh on the issue today. While in the meeting with the Finance Minister, Shourie discussed the financial implications of the disinvestment process being derailed, with Jaitley, the talk was on the possible Government stand on the judgement. Both the ministers also discussed at length the loopholes in the SC order, sources said. Talking to reporters after the meeting, Shourie said: ‘‘We have several options, including seeking a review of the decision.’’ He also announced that the Disinvestment Ministry would prepare a paper specifying various alternatives, including a review, and would submit the same to Jaitley on Friday. This paper would be considered at the meeting of the Cabinet Committee on Disinvestment (CCD) on October 3. Earlier during the day, Jaitley also said the Government is ‘‘looking at all options, including a review of the Supreme Court judgement’’. Talking on the sidelines of a conference on the Income Tax Appellate Tribunal, he promised: ‘‘When we decide on something, we will tell you.’’ One of the options that the Government is believed to be considering is a review of the Supreme Court judgement by a constitution bench. Doubts have also cropped up over the disinvestment process of other PSUs now, like the sale of residual equity in privatised companies such as VSNL, IBP and IPCL, sources in the Disinvestment Ministry said. The privatisation of Shipping Corporation, Rashtriya Chemicals and Dredging Corporation could hang in the balance as also the Government’s plans for disinvestment of companies like EIL and Balmer Lawrie, which are in the final stages of disinvestment. The first such challenge came in the Madras High Court, which yesterday asked the Government not to take a final decision on privatisation of Madras Fertilisers till it decided on a petition challenging disinvestment in the PSU. However, the court allowed the Centre to continue the process. A ‘‘political decision’’ on the entire stalemate in the disinvestment process is expected to be taken by the CCD on October 3, which would be chaired by Prime Minister Atal Behari Vajpayee.
