Centre should cancel NLC divestment decision, says Karunanidhi

DMK president M. Karunanidhi on Saturday said the centre should cancel its decision to divest five percent stake in lignite mining-cum-power generating company Neyveli Lignite Corporation Ltd (NLC).

Citing the views of Chief Minister J. Jayalalithaa on the issue, Karunanidhi in a statement here said the centre should revoke its NLC stake-sale decision.

He said the centre could consider what Jayalalithaa has said that the government can buy back the shares held by public and go for delisting or amend the Securities Contracts (Regulation) Rules, 1957 to exempt NLC as a special case from the 10 percent minimum public holding stipulation. Karunanidhi said the centre's expectation to realise Rs.466 crore from the divestment was not a big sum.