554.Rajasthan

554

Rajasthan

          There are reports that the Hindustan Zinc Limited (HZL) gave an interim dividend of Re.14000 crore. The cumulative dividend or the total dividend for 2016- 2017 would be over Re. 37000 crore. The production increased from 0.1 million tonne in 2003 to 1.2 million tonne in 2016.

          The HZL had been a Public Sector Undertaking (PSU) until 2003.There is a story behind the privatization of the HZL.

          Ten men urged the Government of India to sell all its Public Sector Undertakings (PSUs). They intensified their demand after the period of Prime Minister Mr. P.V. Narasimha Rao.

At first, they ensured the support of the learned judges of the Supreme Court of India.

They said that the Public Sector Undertakings should not use their profit for their own expansion purposes. The profit should not go to the government either. Instead, they must invest their profit in the stock market. They described the profit making PSUs as cash rich enterprises..

Thus, the public sector Oil and Natural Gas Commission (ONGC) should not use its money for its large scale expansion but it must use its money to buy the shares of other companies. The gas fields must be given to the private companies.

According to them, the Government should not do any business. They said that the government has no business to do business.

Further, they said that the fear of stick alone would make the employees to do work. The private parties alone would use stick to make their employees to do work.

The people believed that the Supreme Court of India exerted extra-ordinary pressure over the government to part with the PSUs. As an indication, it cancelled the petrol outlets granted by the Members of Parliament (MPs) and asked the private parties to distribute the same. Thus it proved that India could be ruled under lawlessness.

Realizing the dangers, the present man told the then Prime Minister of India, Mr. A.B. Vajpayee, that the PSUs would be bought only by ill-gotten money or public money. This was one of the ten points in my Letter No.1 dated June 1, 2017. Even if they have money, they must use the money to start new ventures rather than for buying the existing industries.

Mr. A. B. Vajpayee, after a series of discussions with Advisory Committee for Trade and Industry and other committees said that the government would utilize the public money in the banks and the LIC for public investments. Thus he embraced the views of the present man. It was the greatest decision ever taken by India.

However, a powerful syndicate started to work against him and forced him to convene the Economic Advisory Council. Then he was forced to retreat..

As there was no way, he came out with some guidelines to sell the PSUs. The most important point in the guidelines was that the PSUs should not be sold to the tainted companies. The tainted company was defined as one that received charge-sheet from any law enforcing agencies.

The Government devised the guidelines only to pretend that everything is being done impersonally ie as per law only

When the government sold the public sector Hindustan Zinc Limited (HZL) to the Sterlite Company the present man pointed out to the then Prime Minister, Mr. A.B, Vajpayee, that the Sterlite had been a charge-sheeted company.

The prime minister was taken aback by the allegation because it reinforced an earlier allegation.

The Supreme Court of India pledged to stand by the Government. It said that it would treat the allegation as a tight secret. The Left parties pledged to stand by the Supreme Court of India. They decided not to reveal anything to the people and agreed to manage the trade unions. The media openly said that no mud would be allowed to the stick on Mr. Vajpayee.

But Mr. Vajpayee was not convinced. He thought that one day or other such things would come out and, therefore, he wanted to retract. At that time, the Supreme Court of India had asked Miss. Jayalalithaa to surrender the TANSI land purchased in violation of a guideline. In the TANSI case, Jayalalithaa had bought Tamil Nadu Government land while she was a public servant.  She violated a Code of Conduct that forbade the public servants from buying public property. Naturally, the Sterlite should have surrendered the HZL.This was one of the factors that contributed to the abdication of power by the Prime Minister, Mr. A.B. Vajpayee.

The profit of the HZL during 2016 was around Re. 10000 crore.  Now it suddenly says that it would give an interim dividend of Re. 14000 crore. The cumulative dividend for 2016- 2017 would be 37517 crore. It says that even post the dividend; it will have a cash balance of Re.15000 crore. The dividend would be paid before March 30, 2017. Is it due to any special audit or supervision as demanded by the present man? Nothing is clear.

It put the total profit for the December quarter at Re. 2320 crore.

Evidently, the profit does not tally with the dividend.

          The general belief is that no company that takes the natural assets exhibits more than 10 per cent of its income to the authorities. Some say that the income shown to the authorities is as low as 1 per cent. One can envisage the income of the HZL.

          What would the HZL do with the money? It can start more and more industries or buy other companies. It can keep a part in the secret accounts. Even if it pays Re.100 crore each to 100 susceptible men including political leaders, judges, media houses and others, it cannot spend more than Re.10000 crore per year.

This money belongs to the people of Rajasthan and not to the shares holders at all. Even if a man gets 100 old coins, he must surrender it to the Government. Needless to say that all illegally acquired assets must be surrendered to the Government. This money must be used for the physical and mental well being of the people of Rajasthan.

To realize this, the Chief justice of India must be inaccessible to personal interest; and endowed with all virtues. The other judges must co-operate with him.

This letter No.554

   The facts that happened from 24 March 2017 to 25 March 2017  are being submitted to His Excellency the President of India, Supreme Court of India, Chief Vigilance Commissioner, Indian Army and the Indian Air Force, and posted in the blog: www.howeverythinghappenedinindia.blogspot.com  on 26-3-2017.

26- 3-2017.

V. Sabarimuthu,

26-3 Thattamkonam, Vellicode, Mulagumoodu PIN: 629167, India.