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The day SP decided to cuddle up Congress-led UPA alliance, it was evident the party was driven by dual agenda: save its skin from cudgels of CBI and pursue corporate agenda of the Anil Ambani led ADAG
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The day SP decided to cuddle up Congress-led UPA alliance, it was evident the party was driven by dual agenda: save its skin from cudgels of CBI and pursue corporate agenda of the Anil Ambani led ADAG
The day SP decided to cuddle up Congress-led UPA alliance, it was evident the party was driven by dual agenda: save its skin from cudgels of CBI and pursue corporate agenda of the Anil Ambani led ADAG.
Soon after they declared their party’s position on rescuing the UPA Government over the nuclear deal, senior SP leaders went hammer and tongs in raising issues against Reliance Industries Limited for obvious reasons.
First was the unreasonable demand for Windfall Profit Tax on private oil refineries. It met its logical end soon as the proposal was unviable and was not based on sound economic principles.
Second, Amar Singh also proposed removal of special SEZ status accorded to Jamnagar refinery, again owned by RIL.
After these proposal fell flat on their nose, SP leadership thought it prudent to change track and concentrate on their (read ADAG) benefits rather than work against their rivals (read RIL).
Now, smartly SP leadership is trying its best to accrue as many benefits to ADAG as possible in the short period that is left with this Government.
The reported late selection of Reliance Capital as one of the fund managers is an indication of the cost of support to the government. CPI also questioned the rationale for handing over crores of rupees of workers' funds to corporate for speculation in stock markets. Reliance Capital became one of the four asset management companies for Employees Provident Fund to manage fresh additions to the EPF corpus.
It is interesting to note that Reliance Capital was not among the managers shortlisted by the Finance & Investment Committee. Also initially only three companies had to be appointed to replace SBI but the Central Board of Trustees (CBT) of EPF under Labour Ministry altered the rule at the last movement and accommodated four managers instead. A fourth slot for Reliance Capital had indeed been created.
Second was the 3G spectrum allocation policy that recently set differential terms. While for the GSM players it introduced auction route, for CDMA services (RCOM is a leading player), it said players with largest subscriber base would get the scarce spectrum. Only after hue and cry the ministry has now agree to look into this issue again.
Third, the Cabinet has early last week okayed a proposal which would enable Reliance Power to divert its surplus coal from Singrauli mines in MP allocated for Sasan Ultra-Mega Power Project to its Chitrangi Power project in the same state. As per norm, any surplus coal generated from captive (for power projects) coal blocks becomes a property of the Central Government that then disposes it through its PSU Coal India Limited.
This is just the beginning and observer say in weeks ahead one could expect a lot of just and unjust favours to ADAG.
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