The Government has approved the introduction of “Maharatna” category for Central Public Sector Enterprises (CPSEs). The current criteria for grant of Navratna status are size neutral. Over the years, some of the Navratna companies have grown very big and have considerably larger operations than their peers. It was felt that these CPSEs which are at the higher end of the Navratna category and have potential to become Indian Multinational Companies (MNCs), can be recognized as a separate class, i.e. ‘Maharatna’. The proposed higher category will act as an incentive for other Navratna companies, provide brand value and facilitate delegation of enhanced powers to CPSEs. The six-eligibility criteria and procedure for grant of Maharatna status may be enumerated as:
a) Having Navratna status;
b) Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations;
c) An average annual turnover of more than Rs.25,000 crore during the last 3 years;
d) An average annual net worth of more than Rs.15,000 crore during the last 3 years
e) An average annual net profit after tax of more than Rs.5,000 crore during the last 3 years
f) Should have significant global presence/international operations The procedure for grant of Maharatna status as well as their review is proposed to be similar to that in vogue for the grant of Navratna status. The introduction of the above scheme will not entail any additional expenditure on the part of the zGovernment.
Enhanced powers to Maharatna CPSEs The Boards of Maharatna CPSEs in addition to exercising all powers to Navratna CPSEs, will exercise enhanced powers in the area of investment in joint ventures/subsidiaries and creation of below Board level posts. The Boards of Maharatna CPSEs will have powers to
(a) make equity investment to establish financial joint ventures and wholly owned subsidiaries in India or abroad and
(b) undertake mergers and acquisitions, in India or abroad, subject to a ceiling of 15 per cent of the net worth of the
concerned CPSE in one project, limited to an absolute ceiling of Rs.5,000 crore (Rs.1000 crore for Navratna CPSEs). The overall ceiling on such equity investments and mergers and acquisitions in all projects put together will not exceed 30% of the net worth of the concerned CPSEs. In addition, the Boards of Maharatna CPSEs will have powers to create below Board level posts up to E-9 level.
Implications: The main objective of the Maharatna Scheme is to empower mega CPSEs to expand their operations and emerge as global giants. With the introduction of Maharatna Scheme, the Department of Public Enterprises has achieved one of the three tasks identified to be completed within first 100 days programme in respect of their Department. It will ensure greater autonomy and decision-making. Background: The Government had introduced the Navratna scheme, in 1977, to identify Central Public Sector Enterprises (CPSEs) that had comparative advantages and to support them in their drive to become global giants. The Boards of Navratna CPSEs have been delegated powers in the areas of (i) capital expenditure, (ii) investment in joint ventures / subsidiaries, (iii) mergers and acquisitions, (iv) human resources management, etc. At present, there are 18 Navratna CPSEs. Of the 18 existing Navratnas six are likely to be elevated to the Maharatna status. These are the three integrated petroleum companies — Indian Oil, Hindusthan Petroleum and Bharat Petroleum — NTPC, Oil and Natural Gas Corporation and Steel Authority of India.
e-Gazette
NIC developed e-Gazette (digital RajPatra at http://himachal.nic.in/ egazette) for Government of Himachal Pradesh, which is a first Online Digital Gazette and is not printed on paper. The State Government has discontinued the paper Gazette. This initiative is ecofriendly, cost effective,prompt and increasing efficiency at the Controller of Gazette level and provides online search based Gazette to general public. The initiative has won the National e-Governance Award too in Feb 2009 for process-reengineering. The e-Samadhan (Onilne Public Grievance Redressal system at http://esamadhan.nic.in) has been developed and implemented by NIC for the State of HP with the twin objectives of providing the citizens with an anywhere, anytime grievance redressal mechanism and at the same time ensuring its better monitoring at all levels of the Government.
“PRAJAVANI” a web based Petition Monitoring System enabling citizens to submit their petitions through Kiosks and redressal from the District Collectorate has been successfully implemented and extended.
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