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Tata hunkers down, tells all its firms to start saving cash

Tata Sons has undertaken a swift review of all group companies amid the ongoing Covid-19 crisis .


10 April, 2020, 11:29 AM IST



Government detaches GAIL, OIL, other PSUs from AGR case

The DoT had sought a cumulative Rs 2.7 lakh crore from GAIL, explorer Oil India and other PSUs.

CBDT names nodal officers to bring PSUs on board ‘Vivad se Vishwas’ scheme

Three senior tax officials to work with various ministries and ens...

Companies send SOS to tax and audit experts for Vivad se Vishwas scheme

Disputes are resolved by paying outstanding taxes while getting a wai...

  • The steel ministry chaaired by steel Secretary Binoy Kumar held a meeting on Monday via video-conferencing, in which senior officials of SAIL, RINL, NMDC, MOIL and KIOCL were asked about their preparedness at their plants and units in the wake of outbreak of coronavirus.

    "The Department of Telecommunications (DoT) has served notice to government oil companies due to some communication gap. We have placed our side after doing all legal consultations," Pradhan told reporters. He went on to state that neither of the public sector undertakings (PSUs) slapped with huge demand has any core work in the telecom business.

    The OFB has planned for 280 isolation beds across 10 hospitals spread over six states in the country. Besides, development and production of hand sanitisers as per the WHO standards have been undertaken in the factories of OFB.

    ​​“There are several cases where the disinvestment process has been going for years. There is very little interest in some of the companies. Keeping all these factors in mind, it has been decided that wherever buyer interest is muted we will recommend for closure of the unit,” said an official, who did not wish to be quoted.

    Defence Secretary Ajay Kumar has said that regular interactions are on with industry to minimize the Covid impact, instructions to release payments have been issued and shares the role the armed forces and defence production units are playing to combat the virus.

    The Comptroller and Auditor General (CAG) Rajiv Mehrishi presented a report in Parliament which revealed that out of the 24 staterun public sector undertakings approved by the Cabinet for strategic stake sale, only one HPCL-ONGC deal was finalised in 2017-18. The auditor slammed the government for using exchange traded fund route for the sale.

    The govt is of the view that though most PSUs are hiring apprentices for technical and manufacturing job roles, the number of apprentices in the service sector is lagging behind. The aim is to fill the gap in supply and demand for skilled workforce and meet the aspirations of the Indian youth through gaining on-the-job training.

    Since March 1, promoters of over a dozen companies have been forced to let go of their shares that were pledged as many of them struggled to raise money in time to top up the value of their collateral in the recent market crash.

    Since PSUs look better placed to win some of the cases, they may not want to opt for settlement.

    The former RBI boss says what the country faces today is an economic emergency.

    Russian oil giant Rosneft-backed Nayara Energy wants the government to let it store its surplus crude in the country’s half-empty strategic petroleum reserve and excess refined products in state refiners’ storage facilities

    The CII report, titled 'Can the Indian PSEs enhance their Geo-strategic reach', presents a roadmap to expand exports and geo-strategic reach of public sector enterprises (PSEs) by 2022.

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