Disinvestment of NEPA

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New Delhi, Feb 28 (UNI) The Government has decided to revive Nepa Ltd through Joint Venture partner by disinvestment of Government of India Equity, preferably to the extent of 74 per cent or 100 per cent, Minister of State for Heavy Industries and Public Enterprises Kanti Singh informed the Lok Sabha today.

Ms Singh, in a written reply, said Nepa Limited (Disinvestment of Ownership) Bill 2007 was introduced in Lok Sabha for getting Parliamentary approval of disinvestment of Nepa Ltd. The Bill had been referred to Department related Parliamentary Standing Committee on Industry on December 17, last year.

The Bill provides that every officer or other employee of the Nepa Ltd, except the Chairman and Directors, serving in its employment immediately before the disinvestment of the Nepa Ltd, shall continue in office or service after such disinvestment, on the same terms and conditions as if the disinvestment of the Nepa Ltd, had not been made and shall continue to do so until the expiry of the period of one year from the date of such disinvestment.

Where an officer or other employee of the Nepa Ltd opts not to continue in the employment or service of the Nepa Ltd, such officer or other employee shall be deemed to have resigned.

UNI BKS SHB RN1522

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