Rahul Gandhi Questions Sale of IDBI Bank, FM Sitharaman Counters
Rahul Gandhi questioned the sale’s valuation and employee protections, while Nirmala Sitharaman said the 60.72% stake sale followed due procedure.
- On Thursday, the Department of Investment and Public Asset Management defended the strategic sale process of IDBI Bank, maintaining that neither the reserve price nor the established process changed during the second round of bidding.
- The clarification addresses questions regarding the divestment process, in which the Department and Life Insurance Corporation of India are selling a majority stake in IDBI Bank.
- Under powers delegated by the Cabinet Committee on Economic Affairs , the Core Group of Secretaries on Disinvestment conducted the second round; independent agencies revised assessments in May to reflect current financial positions.
- The Department stated the first round ceased to have effect after initial bids were rejected; the request for proposal dictates that bidders cannot challenge decisions regarding bids falling below the reserve price.
- No pre-determined benchmark existed for bids, according to the Department, which noted that independent agencies compared bid-discovered prices and valuations to determine if offers were reasonable.
54 Articles
54 Articles
Rahul Gandhi questions IDBI Bank sale to Fairfax, Sitharaman accuses Congress of mismanagement
Rahul Gandhi has questioned the Centre's proposed sale of IDBI Bank to Canada's Fairfax Financial Holdings, raising concerns over employee rights, reservations and public ownership. Nirmala Sitharaman has defended the deal and accused the Congress of mismanaging banks.
Finance Minister Nirmala Sitharaman retaliated to Rahul Gandhi's allegations regarding the proposed sale of IDBI Bank. He said that Rahul Gandhi will have to apologize in this case as well as in the Rafale dispute.
All due processes followed in IDBI Bank's strategic restructuring: Nirmala Sitharaman
Union finance minister Nirmala Sitharaman's comments come in response to senior Congress leader Rahul Gandhi’s allegations that bids for IDBI Bank were first seen, and then the sale price was fixed.
'Public Banks Are Nation-Building Tools': Rahul Gandhi Backs IDBI Employees Over Sale
<p>New Delhi, Oct 30 (PTI) Amid the IDBI bank disinvestment row, Congress leader Rahul Gandhi has expressed solidarity with the bank employees and questioned the government's decision to sell off the profitable public bank to a Canadian firm.</p> <p>The Leader of Opposition in the Lok Sabha asserted that public banks are not assets to be sold off, they are tools to build the nation.</p> <p>In a letter addressed to members of the IDBI Bank family…
Public banks not assets to be sold off, they are tools to build nation: Rahul amid IDBI bank sale row
‘I took that question to the Lok Sabha. I asked why a profitable public bank was being sold and how its employees and depositors would be protected. The government gave no reason. Now it has decided to sell IDBI Bank to Fairfax, a Canadian company,’ says Rahul Gandhi
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