Source :PTI, May 21, 2010, 12.30am IST
NEW DELHI: Government has approved the maharatna status for NTPC, IOC, ONGC and SAIL but only the power major can enjoy the autonomy that goes with the coveted status for the PSUs.
"The competent authority has approved the grant of maharatna status IOC, NTPC, ONGC and SAIL," the department of public enterprises said in an inter-ministerial communication.
While the four blue-chip PSUs have been given the new status, only NTPC "has the requisite number of non-official directors on its board and is therefore eligible to exercise the Maharatna powers", it said.
The other three companies also met the norms set by the Cabinet on December 24, their boards do not have the adequate number of independent directors, the DPE said.
The boards will now have powers to make equity investment up to Rs 5,000 crore to set up financial JVs and wholly-owned subsidiaries in India or abroad without government approval.
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