This seems to be an article against SEBI which is trying to make Private cos more transparent and put a stop to misleading media propaganda. PSUs are subject to CAG audit will pvt companies agree to audit. Even where Pvt telcos cheating on revenue sharing, they resist CAG audits. Some PVT cos went to court to delay tender of BSNL resulting in losses and time over run. PSUs are performing under constaints and unique conditions. PVT Cos like reliance and Kingfisher are source of corruption which media never highlights. No PSU will bribe a Govt dept for illegal gain
1. No private sector company props up its public issue by painting a rosy picture just before the public issue: The best case being Reliance Power, which hyped itself up through its CEO himself and all his sycophant brokers and investment bankers, who created more than rosy picture of the number of gigawatts RelPower will produce after 20 years whereas the current reality was 0 Watts. 2. Bailout advantage to PSUs: Are we to believe that Kingfisher Airlines and Jet Airways are PSUs? Because just recently we got the news that banks (mostly large PSU Banks like SBI) are to restructure their loans because these two companies have turned defaulters on all of the liabilities. They are not even in a position to pay for the gasoline they buy from PSU oil companies. All this while the CEO of one of the airlines is busy with his casanova lifestyle in private jets along with beautiful bikini-clad females. Writer does not think this kind of bailout could have been avoided, it seems.
Re: Biased and damn lies..
by Ajay Kumar on Oct 24, 2010 08:56 PM
So use ur intelligence and act..why the hell u buy when u know they promoters are not upto the expectation..no body can saves you if you are willing to jump into a well and die..they leave thier as they want..why the hell is that pinching you..they do it openly..not hiding anything..since you have power to exrerciese your logic , dnt buy scrips of those firms...are anybody forcing you to that...
There is nothing wrong in PSUs being given preferrential treatment by Govt. All of us owners of these PSUs. Now do we want these PSUs to be closed so that Private players can exploit the poor of this country ? Mehendra and Tata give money to to Harvard University which they really do not need. Why cannot they give it for the edn of poor in India. The profit made by the PSUs goes back to the Govt, ie to us. If Private is good then how come no body trusts the private insurance players and still go LIC. Why people want to put their hard earned money only in PSU banks. There is no transperancy in the working of private. PSUs are answerable to people. That requires some processes which slow them down a bit. Let us appreciate the great role played by the PSUs in nation Building since Independence. But for the PSUs we would have been another Pakistan.
Re: What is wrong if PSU are treated differently?
by Sachin Purohit on Oct 24, 2010 11:16 AM
The chairman of Reliance Industries shameless builds the most expensive castle for himself in a poor nation while the richest man of the world in a rich nation - America - decides to dedicate 80% of his wealth to philanthropy and decides to live in a humble abode in Nebraska.
All the wealth of Mukesh Ambani is attributed to numerous tax subsidies and other protection enjoyed by his company - courtesy the government of India whereas for these many number of years, PSU oil companies were told to absorb losses on account of crude price increase. We did not have Subir Raha of ONGC buying charter planes for himself and house of even half the price of Mukesh Ambani's obscene home.
Re: Re: What is wrong if PSU are treated differently?
by himachal darisi on Nov 01, 2010 01:30 PM
Yes. It is concentration of wealth in a few hands in a poor country, like India.
See,You have never worked in PSU ,so you ll never know what happens there. Not all employees are as what you think .. SAIL has better profit margins than Tata Steel.NTPC is lot better than private peers. Still PSU have better CSR policies... but u all have just seen pure government offices... PSU's are lot different ... Speak on facts ...not on observations U have seen since childhood... I have similiar mindset about government offices ..but believe me PSU's are far better .. Thnx for reading...
Randomly pickup any PSU, you should be able to sack most people without any difference in output.
Indian Railways is a GOOD EXAMPLE. We have several times the number of employees in Indian Railways than are necessary - compared with any other country on earth.
If it is ABOUT EMPLOYMENT then it is better to work with less, staff... and let others sit at home, and send them some salary.
Very poor analysis. If India has to grow CIL has to grow, India will grow and CIL is ready for it. Coal Mining is not an easy job, and CIL is doing it since long. Despite all the beurocratic hurdles in approvals and clearances it is growing. Private players in Coal mining like Reliance getting all the clearances from State Govts., regulatory authorities, MOEF by sheer money power and corrupt practices. Naxalism has grown out of proportion with the entry of private greedy corporates. CIL is a company of common man and is successfully working in naxal infested areas. Local politicians, State Govt. authorities, Police, forest deptt. are looting from CIL's kitty. An appreciation is due for CIL from media at least. CIL was formed to do away with the exploitation of workers from of private owners and it has done its job very well.
Re: How a PSU in India enjoys special privileges
by ASHISH KUMAR on Oct 21, 2010 11:19 AM
U are a typical govt job mindset person. Any corporate is better than Govt & govt is the biggest looter/corrupt organization who promotes corruption,inefficiency & naxalism.
Re: Re: How a PSU in India enjoys special privileges
by senth on Oct 22, 2010 11:30 PM
Well Said Ashish... Prafullachandra is probably s0n of a typical govt servant.
Coal India Chairman's narrations just before its PUblic Issue could be misleading the investors. It is high time that we scrutinize the working of many so called "Ratnas" as most of them are on monopoloistic situations. If they are to compete with India's private sector, then we will see their real efficiencies. Whatever progress India is making today is because of its vibrant private sector.
Re: Coal India and other PSUs in India
by ASHISH KUMAR on Oct 21, 2010 11:21 AM
U are 100% right mr Nair. If our inefficient & corrupt govt organization even work to 50% of efficiency of big private corporate house, India will develop very fast
At times PSU staff shown highly irresponsible acts i.e. when there was 26/11 attack, PSU staff went on highly irresponsible strike. They broke it under Govt strict action. There are many instances. They are highly paid and highly irresponsible.
PSUs and State SUs are just the loot banks for Politicians who are in Power and also the CORRUPT IAS Babus/Chairmen/Directors etc., etc., Actually in India, All State Government Staff MUST Pay EQUALLY TO CENTRAL GOVT. STAFF, as per their Designation and thus a UNIFORM PAY SCALE, in ALL CENTRAL/STATE/PSUs/STATE SUs has to be Established and then there will not be any Heart-burn among the EMPLOYEES of INDIA. THIS SAME PRINCIPLE IS FOLLOWED IN USA. The politicians/beurocrats Must stop looting PSUs and because of their Loot, many PSUs and State SUs are closed, under loss. A LOKAYUKTA in EVERY STATE, for PSU/State SU Must be Appointed with required Staff, thus bloody CORRUPTION, in those Undertakings CAN BE ERADICATED. Actually Many PSUs are doing a very Meritorious Serivce with Best of Products, but if a corrupt MD/Chairman is reported, until his Transfer, the SU will suffer. God only has to STOP the GREED of HINDUS for MONEY/GOLD/DIAMOND/ILLICIT SEX and to PROPITIATE their SINS, they just GO TO TEMPLES and PUT IN HUNDI, rather than Paying Poor Hungry fellow - What a Faith, what a People and What a following. God Save India from Corruption, casteism and Dirty/Criminal Politicians.
Re: PSUs and State SUs in India.
by dewashish jain on Oct 23, 2010 02:49 AM
U all hate PSU's because you cudnt ever qualify a PSU exam ... It your personal Frustation ...nothing else...
Re: PSUs and State SUs in India.
by dewashish jain on Oct 23, 2010 02:48 AM
U all hate PSU's because you cudnt ever qualify a PSU exam ... It your personal Frustation ...nothing else...
