Left makes bid to resolve Bhel impasse

The UPA government-Left impasse on the Bharat Heavy Electricals Ltd (Bhel) disinvestment issue seems to be headed for resolution, with the Left leaders indicating that the continued suspension of the co-ordination committee mechanism is a non-option.

Prime Minister Manmohan Singh's appeal to the Left leaders two days ago to put an end to the matter seems to have softened the Left to certain extent, however, the Left Front is still keeping its cards close to the chest about the acceptability of any "resolution formula".

According to top sources in the CPI(M), the Left parties do not view the continued suspension of the co-ordination committee mechanism as favourable.

"We only suspended participation in the co-ordination committee mechanism. The use of the word suspension indicates that we expect the meetings to resume," said senior CPI(M) leader.

However, Left sources also indicated that the government's offer of disinvesting five percent in Bhel instead of 10 per cent, as concession to the Left, was not enough for the Left to bite the bait.

"The issue is not what quantum of shares to sell," the CPI(M) leader said, indicating that this was clearly a turn-around not acceptable to the Left after having taken a public posture on the disinvestment issue.

When asked about a reported government offer to increase the percentage of disinvested shares available for employees of Bhel, the CPI(M) responded, "Is not that still the still disinvestment of shares?"

What seems most likely is that the emerging compromise formula will make assurances about putting on hold disinvestment in profit-making PSUs other than Bhel.

"Will it not be a big gain for the Left if the government promises to not disinvest in other profit-making PSUs?" asked a senior leader in the Communist Party of India (CPI), when queried whether the Left would accept such a proposal at the cost of letting Bhel through.

Sources in the CPI(M) also indicated that the Left was ready to make suggestions regarding fund-raising for social sector schemes.

Senior CPI(M) leaders indicated that this could be part of the discussion on Sunday when the Prime Minister and Congress chief Sonia Gandhi meet Left leaders to find a resolution to the Bhel impasse or could form a separate discussion between the two sides.

The four Left parties will meet on Saturday to take stock of the situation before their meeting with the government on Sunday.