Hindustan Zinc, Balco can now join PSU body

 It has also sought greater autonomy in investment decisions and the appointment of independent directors in the Navratna and mini-Ratna public sector undertakings (PSUs).

 The move to allow companies with up to 26 per cent government holding is expected to benefit companies like Balco and Hindustan Zinc, which were privatised during the National Democratic Alliance regime.

 Scope, which represents PSUs, is all praise for the stand of the United Progressive Alliance government, which favours limited privatisation of PSUs.

 Speaking at an interactive session organised by the Forum of Financial Writers, Scope Director-General SM Dewan said the policy was in line with the stand taken by Scope in the past.

 Dewan also sought greater delegation of powers to the boards of Navratna and mini-Ratna companies for investment decisions in joint venture companies.

 He said the government should also increase remuneration levels of directors, give companies independence in fixing their voluntary retirement packages and extend the tenure of directors. He added that PSUs should not face multiple audits.

 Dewan said the move was part of the steps being undertaken by the apex body recently to amend its memorandum of association. Scope has also redefined its vision to enable member enterprises to be globally competitive in a market-driven economy, a major departure from the past, he added.

 Dewan said the organisation was making sustained efforts to remove hindrances and streamline activities of PSUs.

 Scope Vice-Chairman Raji Phillip said PSUs should not be made