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Download Corporate Restructuring Through Disinvestment: An Indian by Harjit Singh PDF

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By Harjit Singh

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In practice, however, this code has a strong liquidation bias—some 90 per cent of cases end in liquidation, and reorganization takes a long time. Moreover, courts are usually unable to handle a large volume of cases, lack expertise, and may be subject to the influence of vested interests. 1 Nonviable organizations are those whose liquidation value is greater than their value as a going concern, taking into account potential restructuring costs, the ‘equilibrium’ exchange rate, and interest rates.

Such industries could not have been developed by private sector during 1940s or 1950s as there was not enough money in the money market and also entrepreneurship was limited. So the government used high rates of taxation and deficit inflationary financing to develop public industries. Rescue missions (Nationalization): Sometimes the government had to step in to rescue certain enterprises, whose closure could result in significant loss of jobs and also due to several other economic and social reasons.

In all other cases, it recommended 100% disinvestment of the government stake. Holding of 51% or more equity by the government was recommended only for following six schedule industries, namely: I. II. Coal and Lignite Minerals oils III. Arms, ammunition and defence equipment IV. Atomic energy V. VI. Radioactive minerals Railway transport However, the Government did not take any decision on the recommendations of the Rangarajan Committee. Disinvestment in 1993-94 Although the target was set for Rs.

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