CPM in divestment dilemma

The CPI(M) finds itself in a big dilemma following the UPA government's decision on Thursday to divest 10 per cent stake in Nalco and Neyveli Lignite Corporation.

Although the Left party has opposed it and demanded a rollback of the decision, the bite and the sting that had once left the UPA regime reeling with frustration following its aborted attempt to divest a portion of its stake in BHEL, is apparently missing this time around.

The CPI(M) might have questioned Finance Minister P Chidambaram's claim on Thursday that the Left parties had agreed to divest a portion of the government stake from Nalco and NLC, but the denial of the FM's claim is sans conviction.

CPI(M) general secretary Prakash Karat had, on October 22 last year, actually given a green signal to the government to go ahead with disinvestment from non-Navratna companies.

"We are opposed to the disinvestment of Navratna companies, but shares can be sold in other companies to raise resources for social sector," Karat had said at the Forum of Financial Writers here.

"Although we had not agreed to disinvestment from Nalco and NLC at the UPA-Left Coordination Committee meeting, as claimed by the FM, these issues had certainly come up for discussion last November. The FM is actually citing Prakash's speech to claim our support," said a senior Left leader.