New Delhi, Dec 10: Government on Monday announced sale of equity in HPCL to a strategic partner and divestment in BPCL through public offer amid strong protest in Parliament with Congress and other opposition parties questioning the legality of sell-off in the two nationalised oil PSUs.
Strongly reacting to the government decision, opposition members staged a walkout in the Lok Sabha while Rajya Sabha was abruptly adjourned amid acrimonious scenes even as disinvestment minister Arun Shourie asserted that disinvestment in the two companies could be carried through executive order without seeking any legislative changes.
Later Shourie told reporters that all the issues were examined and there was no restriction relating to sale of equity in the two oil PSUs where successive governments had lowered the equity from 100 per cent to 51 per cent in case of HPCL and 66 per cent in BPCL without approaching Parliament.
Though HPCL and BPCL were acquired from oil MNCs ESSO and Burmah Shell in 1970s through acts of Parliament, these were operating under the Companies Act and any change in shareholding pattern would be governed by the same, he said. Bureau Report