BALCO union to keep off talks

By Our Staff Correspondent

NEW DELHI, MARCH 19. The possibility of an end to the persisting stalemate at the Bharat Aluminium Company Limited (BALCO) received a major setback today with the workers' unions deciding not to take part in the talks scheduled between the Chhatisgarh Government, the new management and the unions in New Delhi on Wednesday. The Board of Directors of the BALCO management is also scheduled to meet on March 21.

The decision to keep away from the talks was taken by the Balco Bachao Samyukta Abhiyan Samiti at Korba yesterday evening.

This was later conveyed to the Balco Employees Union in New Delhi.

According to Mr. P.N. Sharma, general secretary of the Union, they were willing to talk to the representatives of the Centre and State Governments but not to the new management. He said the statement issued by the Managing Director about the possibility of the unions participating in the talks was a propaganda to break the strike.

``The recent revelation of tehelka.com has further strengthened our belief that there was discrepancy in the evaluation of the profit-making company. The profit margins which stood at Rs. 125 crores were shown at Rs. 31 crores.

Moreover, the recommendation of the Disinvestment Commission on equity sharing was only 40 per cent and the sale of 51 per cent shares to Sterlite Industries was an arbitrary decision taken at the behest of an individual,'' he said.

Mr. Sharma pointed out that there was a cash surplus of Rs. 300 crores that had been transferred to Sterlite Industries without its Board members meeting even once, as was mandatory. This was a loss not only to the company but also to the national exchequer.

'Not to reconsider disinvestment'

NEW DELHI, MARCH 19. The Government today cleared the clouds on its privatisation policy asserting that it was not reconsidering disinvestment of the Bharat Aluminium Company Ltd (BALCO) and there was no plan to put off disinvestment of Air India.

This was stated by the Minister of State for Disinvestment, Mr. Arun Shourie, in the Rajya Sabha in a written reply.

He said the disinvestment of 51 per cent government equity in BALCO to a strategic partner was completed through a ``prescribed and transparent process involving global competitive bidding''.

- UNI

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