Addressing the ‘Save BPCL Save India’ campaign by Congress, he tore into PM Modi
The completion of the stake sale in BPCL by March 2020 is crucial to the government for mobilising more than Rs 65,000 crore to narrow the fiscal deficit.
It was submitted that any strike by the unions is not legal or justifiable, as it goes against Section 22 of the Industrial Disputes Act and the judgments of the Supreme Court, said BPCL.
The ratings placed on review for downgrade include BPCL's ba1 baseline credit assessment, its Baa2 issuer rating and Baa2 backed senior unsecured rating for Bharat PetroResources Ltd.
Raising objections to the move, over 20 different employees unions of BPCL called for a nationwide strike.
Cutting across political lines, trade unions have intensified their protest against the move of the union government to privatise Bharat Petroleum Corporation Ltd (BPCL).
Raising the issue during zero hour, Chowdhury referred to the cabinet clearing strategic disinvestment in Bharat Petroleum Corporation Ltd and four other central public sector undertakings.
However, the appetite for the buy may be low given that the global oil market is facing a slump.
The West Bengal CM asserted that shoring up funds by selling off government stake in central public sector firms (CPSUs) could only provide temporary respite.
Pradhan said the privatisation of BPCL was following the policy of ushering in greater competition in sectors that can sustain on their own.
Asking the Centre to withdraw its decision, Moily reminded it that the first prime minister Jawaharlal Nehru had nationalised the British company to make India strong in the energy section.
BPCL which opened the day 0.92 per cent higher at Rs 549.70 -- its 52-week high -- later erased the gains and fell to a low of Rs 527.35, down 3.17 per cent over its previous close on BSE.
The Cabinet on Wednesday approved a strategic divestment of the government's 53.29 per cent stake in BPCL, along with transfer of certain management control.
Parallelly, the Cabinet has approved reducing government's stake in select PSUs such as Indian Oil Corp (IOC) to below 51 per cent while continuing to retain management control.
The refinery is a fruit of the historic Assam Accord of 1985 signed between All Assam Students’ Union and the Centre at the end of the six-year-long bloody anti-immigrants' agitation.