PSUs sold cheap, says Yechuri

The disinvestment ministry has undersold the Centre's stake in oil PSUs, CPI-M Politburo member Sitaram Yechuri said today even as he urged the President of India, in whose name the shares are held, to probe into the sale.

Addressing the media at a meet-the-press programme, Yechuri said the holding in oil companies were sold at P-E (price-earning) ratio multiples of 9-10, or at half the advised rate, resulting a loss of Rs 6,000 crore to the exchequer.

He said the BJP-led government gained from the sale at the cost of the country. "It is the nation, not the government, which suffered," he added.

Raising his finger at the disinvestment minister, Yechuri said that the minister had gone on record saying that he had identified the bear cartel responsible for hammering down the prices of the companies before the issues came to the market.

"Had he been identified the punters, why he did not name them?", Yechuri asked. The minister and the stock market operators "shared the loot," he added.

He said the divestment of the government's stake in oil companies was a part of a "bigger game" as control of oil had become a crucial factor in the world politics.

Alongside, he said CPI-M would work for a secular alternative at the Center after the Lok Sabha election but remained non-committal on participating in such a government.

"Our objectives are to defeat the communal forces, strengthen the left and work for a secular alternative after the Lok Sabha poll", he said.

According to him the arithmetic after the poll would determine what form of government would come and the united front will take a call on whether to join the government at an appropriate time.

"It too early to say anything on this at this stage as the situation is pregnant with many possibilities," he added.