This refers M J Antony’s column “Firms on the rock” (February 22). It is time the Sick Industrial Companies Act (SICA) is repealed forthwith, especially if we consider the case of public sector undertakings (PSUs). The solution is faster disinvestment of PSUs lest they become sick and the ultimate sale becomes a sell-off. The government should only act as a facilitator and should not engage itself in business activities. Air India, BSNL, MTNL and so on are on their way out, they have no buyers and there’s no use throwing good money after bad money. A new and modern anti-bankruptcy law is imperative. However, a caveat is in order. Whatever law is enacted, unless judicial reforms are carried out, no fruitful purpose would be achieved. Judicial delays have the tendency to turn every well-intentioned law into a disaster.
K D Singh New Delhi
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