Karuna appeals to PM to accept TN govt's proposal on NLC

Backing Tamil Nadu government's offer to buy five percent shares in Neyveli Lignite Corporation  (NLC) that the Centre proposes to disinvest, DMK president M Karunanidhi urged Prime Minister Manmohan Singh to accept the proposal and treat it as a "public purchase."

Also Read: Neyveli Lignite employees strike enters 8th day

Karunanidhi told Singh in a letter that the Jayalalithaa-led government's offer had come in t+he wake of workers' agitation and "unanimous and stiff opposition," by all political parties and people in the state.

"Since the government of Tamil Nadu has now come forward to purchase 5 percent of shares of NLC, I request you that the government of India may accept the proposal, and consider the said sales as public purchase and not as institutional purchase," he said.

The letter, released by the DMK , was handed over to the Prime Minister by party's Parliamentary party leader TR Baalu in Delhi on Friday.

Karunanidhi said Rule 19 (7) of Securities Contracts (Regulations) Rules 1967 stated SEBI at its own discretion or on the recommendation of a recognised stock exchange, waive or relax strict enforcement of requirements pertaining to rules. He sought that in the first place, NLC may be exempted under this provision which will be a "lasting solution" to the ongoing issue. "Or,if it is found that there is no other option, as a last resort, five percent shares may be sold to government of Tamil Nadu institutions," he said.

The state government companies (like SIPCOT and TIDCO) were neither promoters nor subsidiaries of NLC, and therefore they may be treated as 'public' and NLC shares sold to them, he said.

"If SEBI grants such exemptions, then the issue will be settled and the agitating employees can also be convinced to withdraw their strike," he said, seeking Singh to "favourably" consider his request with a view to ensuring industrial peace in NLC.

In June, Jayalalithaa had written to Singh, suggesting that Centre could sell five percent of its shareholding in NLC to one or more of the state's PSUs —TIDCO, SIPCOT and the Tamil Nadu Industrial Investment Corporation (TIIC).

These PSUs came within the ambit of 'qualified institutional buyers' and fell under the meaning of 'public' defined under the relevant SEBI rules, she had said.

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