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.
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.
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.
It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week.
Officials said that sale of their assets and bonds would be used to revive the two as a merged entity.
The central government is also planning to increase the ceiling for foreign portfolio investors in various sectors at par with the foreign direct investment (FDI) limits
“The Act (that nationalised BPCL) has been repealed and there is no need for a Parliament approval for the strategic sale of BPCL,” said a financial ministry official.
The move is seen as the government making up for a shortfall in taxes arising after Rs 1.45 lakh crore worth corporate tax giveaway and a likely shortfall in GST collections.
The government is all set to dilute the terms and conditions for disinvestment of Air India to generate interest among potential buyers.
National Seeds Corporation, Telecom Consultants India Limited and FAGMIL are the three PSUs that will make the IPOs.
Air India's privatization was for the benefit of citizens and the government will do its best to ensure that the company was purchased by an Indian entity, said the Civil Aviation Minister.
Experts said that the measure to reduce government stakes in state-run firms will help the Centre achieve its divestment target.
The search operation also covers an FIR against former Haryana chief minister Bhupinder Singh Hooda.
Unlike the last session of the Rajya Sabha which had witnessed several adjournments due to protests by opposition parties, there has been no major protest by opposition parties so far.
This will be done by clubbing the shareholding of state-run banks, financial institutions like LIC and other PSUs, she said.