India clears sale of ‘enemy shares’ held by people who moved to Pakistan | india news | Hindustan Times India clears sale of ‘enemy shares’ held by people who moved to Pakistan

The stocks worth at least 30 billion rupees ($412.26 million) are part of what India calls “enemy properties” that once belonged to people who went to Pakistan and China, with which India also fought a war.

‘Enemy Property Shares’ To Become History: Modi Government Approves Their Sale, Expected To Earn Rs 3,000 Crore ‘Enemy Property Shares’ To Become History: Modi Government Approves Their Sale, Expected To Earn Rs 3,000 Crore

In a bid to speed up the process of sale of enemy shares, Union cabinet has continued an Alternative Mechanism.

After government’s approval the proposed sale of 6.5 crore enemy shares in 996 companies can bring the government close to Rs 3,000 crore at current market price.

Government approves mechanism for sale of enemy shares worth Rs 3,000 crore

A total number of 6,50,75,877 shares in 996 companies of 20,323 shareholders are under the custody of Custodian of Enemy Property of India (CEPI).

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The mechanism will be supported by a high-level committee of officers co-chaired by the secretary in the Department of Investment and Public Asset Management, Home Affairs secretary (with representatives from DEA, DLA, Corporate Affairs and CEPI) that would give its recommendations with regard to quantum, price/price-band, principles/ mechanisms for sale of shares. - Government Approves Mechanism For Sale of Enemy Shares Rs 3,000 Crore

Cabinet decision: Procedure to sell enemy shares worth Rs 3,000 crore gets cabinet nod

The ‘in principle’ approval is according to the Enemy Property Act, 1968. The proceeds from the sale of these shares will be deposited as disinvestment proceeds in the Government Account maintained by Ministry of Finance.

Centre to sell enemy shares to earn Rs 3,000 crore

Of these companies, 588 are functional/active companies and 139 are listed with remaining being unlisted.

India News: The government on Thursday decided to begin sale of shares that are part of "enemy property" belonging to individuals and entities who left India at t

Cabinet approves laying down procedure, mechanism for sale of enemy shares

Uniindia: New Delhi, Nov 8 (UNI) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Thursday<br /